Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Feb. 27, 2015 | Mar. 20, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | ADOBE SYSTEMS INC | |
Entity Central Index Key | 796343 | |
Document Type | 10-Q | |
Document Period End Date | 27-Feb-15 | |
Amendment Flag | FALSE | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | -16 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 500,269,100 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Feb. 27, 2015 | Nov. 28, 2014 | |
In Thousands, unless otherwise specified | |||
Current assets: | |||
Cash and cash equivalents | $712,884 | $1,117,400 | [1] |
Short-term investments | 2,463,936 | 2,622,091 | [1] |
Trade receivables, net of allowances for doubtful accounts of $7,201 and $7,867, respectively | 532,427 | 591,800 | [1] |
Deferred income taxes | 60,470 | 95,279 | [1] |
Prepaid expenses and other current assets | 202,442 | 175,758 | [1] |
Total current assets | 3,972,159 | 4,602,328 | [1] |
Property and equipment, net | 784,314 | 785,123 | [1] |
Goodwill | 5,396,174 | 4,721,962 | [1] |
Purchased and other intangibles, net | 629,317 | 469,662 | [1] |
Investment in lease receivable | 80,439 | 80,439 | [1] |
Other assets | 146,019 | 126,315 | [1] |
Total assets | 11,008,422 | 10,785,829 | [1] |
Current liabilities: | |||
Trade payables | 71,670 | 68,377 | [1] |
Accrued expenses | 564,211 | 683,866 | [1] |
Debt and capital lease obligations | 64 | 603,229 | [1] |
Accrued restructuring | 2,580 | 17,120 | [1] |
Income taxes payable | 19,934 | 23,920 | [1] |
Deferred revenue | 1,129,701 | 1,097,923 | [1] |
Total current liabilities | 1,788,160 | 2,494,435 | [1] |
Long-term liabilities: | |||
Debt | 1,901,554 | 911,086 | [1] |
Deferred revenue | 53,568 | 57,401 | [1] |
Accrued restructuring | 4,495 | 5,194 | [1] |
Income taxes payable | 245,063 | 125,746 | [1] |
Deferred income taxes | 348,644 | 342,315 | [1] |
Other liabilities | 77,918 | 73,747 | [1] |
Total liabilities | 4,419,402 | 4,009,924 | [1] |
Stockholders' equity: | |||
Preferred stock, $0.0001 par value; 2,000 shares authorized, none issued | 0 | 0 | [1] |
Common stock, $0.0001 par value; 900,000 shares authorized; 600,834 shares issued; 500,048 and 497,484 shares outstanding, respectively | 61 | 61 | [1] |
Additional paid-in-capital | 3,897,838 | 3,778,495 | [1] |
Retained earnings | 6,756,803 | 6,924,294 | |
Accumulated other comprehensive income (loss) | -103,810 | -8,094 | [1] |
Treasury stock, at cost (100,786 and 103,350 shares, respectively), net of reissuances | -3,961,872 | -3,918,851 | [1] |
Total stockholders' equity | 6,589,020 | 6,775,905 | [1] |
Total liabilities and stockholders' equity | $11,008,422 | $10,785,829 | [1] |
[1] | The Condensed Consolidated Balance Sheet as of November 28, 2014 has been derived from the audited Consolidated Financial Statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Feb. 27, 2015 | Nov. 28, 2014 |
In Thousands, except Per Share data, unless otherwise specified | ||
Current assets: | ||
Allowances for doubtful accounts | $7,201 | $7,867 |
Stockholders' equity: | ||
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 2,000 | 2,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 900,000 | 900,000 |
Common stock, shares issued | 600,834 | 600,834 |
Common stock, shares outstanding | 500,048 | 497,484 |
Treasury stock, shares | 100,786 | 103,350 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Feb. 27, 2015 | Feb. 28, 2014 |
Revenue: | ||
Subscription | $713,442 | $423,563 |
Products | 290,774 | 471,454 |
Services and support | 104,965 | 105,103 |
Total revenue | 1,109,181 | 1,000,120 |
Cost of revenue: | ||
Subscription | 95,527 | 76,732 |
Products | 19,703 | 27,498 |
Services and support | 51,568 | 44,279 |
Total cost of revenue | 166,798 | 148,509 |
Gross profit | 942,383 | 851,611 |
Operating expenses: | ||
Research and development | 215,509 | 209,525 |
Sales and marketing | 392,741 | 410,141 |
General and administrative | 145,081 | 138,984 |
Restructuring and other charges | 1,755 | 663 |
Amortization of purchased intangibles | 14,272 | 13,552 |
Total operating expenses | 769,358 | 772,865 |
Operating income | 173,025 | 78,746 |
Non-operating income (expense): | ||
Interest and other income (expense), net | 3,338 | 3,145 |
Interest expense | -14,545 | -16,590 |
Investment gains (losses), net | 1,430 | -409 |
Total non-operating income (expense), net | -9,777 | -13,854 |
Income before income taxes | 163,248 | 64,892 |
Provision for income taxes | 78,360 | 17,846 |
Net income | $84,888 | $47,046 |
Basic net income per share | $0.17 | $0.09 |
Shares used to compute basic net income per share | 498,754 | 496,948 |
Diluted net income per share | $0.17 | $0.09 |
Shares used to compute diluted net income per share | 507,526 | 508,340 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 27, 2015 | Feb. 28, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $84,888 | $47,046 | |
Available-for-sale securities: | |||
Unrealized gains / losses on available-for-sale securities | -817 | 1,510 | |
Reclassification adjustment for gains / losses on available-for-sale securities recognized | -927 | [1] | -637 |
Net increase (decrease) from available-for-sale securities | -1,744 | 873 | |
Derivatives designated as hedging instruments: | |||
Unrealized gains / losses on derivative instruments | 12,296 | -29 | |
Reclassification adjustment for gains / losses on derivative instruments recognized | -23,712 | [2] | -2,798 |
Net increase (decrease) from derivatives designated as hedging instruments | -11,416 | -2,827 | |
Foreign currency translation adjustments | -82,556 | 12,443 | |
Other comprehensive income (loss), net of taxes | -95,716 | 10,489 | |
Total comprehensive income (loss), net of taxes | ($10,828) | $57,535 | |
[1] | Reclassification adjustments for gains / losses on available-for-sale securities are classified in interest and other income (expense), net. | ||
[2] | Reclassification adjustments for loss on the interest rate lock agreement and gains / losses on other derivative instruments are classified in interest and other income (expense), net and revenue, respectively. |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 27, 2015 | Feb. 28, 2014 | |
Cash flows from operating activities: | |||
Net income | $84,888 | $47,046 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, amortization and accretion | 79,635 | 77,636 | |
Stock-based compensation | 84,208 | 82,788 | |
Deferred income taxes | 4,879 | -3,341 | |
Unrealized gains on investments | -9,687 | 975 | |
Tax Benefit Realized from Exercise of Stock Options | 33,584 | -38 | |
Other non-cash items | -1,241 | -681 | |
Excess Tax Benefit from Share-based Compensation, Operating Activities | -33,599 | 0 | |
Changes in operating assets and liabilities, net of acquired assets and assumed liabilities: | |||
Trade receivables, net | 62,058 | 90,492 | |
Prepaid expenses and other current assets | -23,912 | -43,559 | |
Trade payables | 1,368 | 2,412 | |
Accrued expenses | -125,281 | -60,140 | |
Accrued restructuring | -14,539 | -528 | |
Income taxes payable | 21,610 | 6,336 | |
Deferred revenue | 19,044 | 52,275 | |
Net cash provided by operating activities | 183,015 | 251,673 | |
Cash flows from investing activities: | |||
Purchases of short-term investments | -318,938 | -377,598 | |
Maturities of short-term investments | 88,729 | 46,120 | |
Proceeds from sales of short-term investments | 382,611 | 269,732 | |
Acquisitions, net of cash acquired | -800,342 | 0 | |
Purchases of property and equipment | -35,546 | -29,393 | |
Purchases of long-term investments and other assets | -16,031 | -4,062 | |
Proceeds from sale of long-term investments | 1,146 | 779 | |
Net cash used for investing activities | -698,371 | -94,422 | |
Cash flows from financing activities: | |||
Purchases of treasury stock | -200,000 | -200,000 | |
Proceeds from issuance of treasury stock | 56,320 | 189,804 | |
Cost of issuance of treasury stock | -150,017 | -243,580 | |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 33,599 | 0 | |
Proceeds from debt and capital lease obligations | 989,280 | 0 | |
Repayment of debt and capital lease obligations | -602,189 | -4,433 | |
Debt issuance costs | -7,718 | 0 | |
Net cash (used for) provided by financing activities | 119,275 | -258,209 | |
Effect of foreign currency exchange rates on cash and cash equivalents | -8,435 | 318 | |
Net (decrease) increase in cash and cash equivalents | -404,516 | -100,640 | |
Cash and cash equivalents at beginning of period | 1,117,400 | [1] | 834,556 |
Cash and cash equivalents at end of period | 712,884 | 733,916 | |
Supplemental disclosures: | |||
Cash paid for income taxes, net of refunds | 5,994 | 16,401 | |
Cash paid for interest | $16,885 | $31,740 | |
[1] | The Condensed Consolidated Balance Sheet as of November 28, 2014 has been derived from the audited Consolidated Financial Statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. |
Basis_of_Presentation_and_Summ
Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Feb. 27, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
We have prepared the accompanying unaudited Condensed Consolidated Financial Statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Pursuant to these rules and regulations, we have condensed or omitted certain information and footnote disclosures we normally include in our annual Consolidated Financial Statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). In management’s opinion, we have made all adjustments (consisting only of normal, recurring adjustments, except as otherwise indicated) necessary to fairly present our financial position, results of operations and cash flows. Our interim period operating results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. These financial statements and accompanying notes should be read in conjunction with the Consolidated Financial Statements and notes thereto in our Annual Report on Form 10-K for the fiscal year ended November 28, 2014 on file with the SEC (our “Annual Report”). | |
There have been no material changes to our significant accounting policies as compared to the significant accounting policies described in our Annual Report. | |
Recent Accounting Pronouncements Not Yet Effective | |
On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The updated standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective and permits the use of either the retrospective or cumulative effect transition method. Early adoption is not permitted. The updated standard is expected to become effective for us in the first quarter of fiscal 2018. We have not yet selected a transition method and we are currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures. | |
With the exception of the new revenue standard discussed above, there have been no other recent accounting pronouncements or changes in accounting pronouncements during the three months ended February 27, 2015, as compared to the recent accounting pronouncements described in our Annual Report on Form 10-K for the fiscal year ended November 28, 2014, that are of significance or potential significance to us. |
Acquisitions
Acquisitions | 3 Months Ended |
Feb. 27, 2015 | |
Business Combinations [Abstract] | |
ACQUISITIONS | ACQUISITIONS |
On January 27, 2015, we completed our acquisition of privately held Fotolia, a leading marketplace for royalty-free photos, images, graphics and HD videos. During the first quarter of fiscal 2015, we began integrating Fotolia into our Digital Media reportable segment. | |
Under the acquisition method of accounting, the total preliminary purchase price was allocated to Fotolia's net tangible and intangible assets based upon their estimated fair values as of January 27, 2015. The total preliminary purchase price for Fotolia was $806.8 million of which $743.9 million was allocated to goodwill that was non-deductible for tax purposes, $209.2 million to identifiable intangible assets and $146.3 million to net liabilities assumed. The fair values assigned to assets acquired and liabilities assumed are based on management’s best estimates and assumptions as of the reporting date and are considered preliminary pending finalization of valuation analyses pertaining to intangible assets assumed, liabilities assumed, equity awards assumed and tax liabilities assumed including calculation of deferred tax assets and liabilities. The impact of this acquisition was not material to our Condensed Consolidated Financial Statements. |
Cash_Cash_Equivalents_and_Shor
Cash, Cash Equivalents and Short-Term Investments | 3 Months Ended | |||||||||||||||
Feb. 27, 2015 | ||||||||||||||||
Cash, Cash Equivalents, and Short-term Investments [Abstract] | ||||||||||||||||
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS | CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS | |||||||||||||||
Cash equivalents consist of instruments with remaining maturities of three months or less at the date of purchase. We classify all of our cash equivalents and short-term investments as “available-for-sale.” In general, these investments are free of trading restrictions. We carry these investments at fair value, based on quoted market prices or other readily available market information. Unrealized gains and losses, net of taxes, are included in accumulated other comprehensive income, which is reflected as a separate component of stockholders’ equity in our Condensed Consolidated Balance Sheets. Gains and losses are recognized when realized in our Condensed Consolidated Statements of Income. When we have determined that an other-than-temporary decline in fair value has occurred, the amount of the decline that is related to a credit loss is recognized in income. Gains and losses are determined using the specific identification method. | ||||||||||||||||
Cash, cash equivalents and short-term investments consisted of the following as of February 27, 2015 (in thousands): | ||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||||
Current assets: | ||||||||||||||||
Cash | $ | 196,164 | $ | — | $ | — | $ | 196,164 | ||||||||
Cash equivalents: | ||||||||||||||||
Money market mutual funds | 507,132 | — | — | 507,132 | ||||||||||||
Time deposits | 9,588 | — | — | 9,588 | ||||||||||||
Total cash equivalents | 516,720 | — | — | 516,720 | ||||||||||||
Total cash and cash equivalents | 712,884 | — | — | 712,884 | ||||||||||||
Short-term fixed income securities: | ||||||||||||||||
Corporate bonds and commercial paper | 1,531,568 | 5,586 | (822 | ) | 1,536,332 | |||||||||||
Asset-backed securities | 42,831 | 28 | (8 | ) | 42,851 | |||||||||||
Municipal securities | 169,711 | 345 | (11 | ) | 170,045 | |||||||||||
U.S. agency securities | 355,811 | 608 | (83 | ) | 356,336 | |||||||||||
U.S. Treasury securities | 358,063 | 404 | (95 | ) | 358,372 | |||||||||||
Total short-term investments | 2,457,984 | 6,971 | (1,019 | ) | 2,463,936 | |||||||||||
Total cash, cash equivalents and short-term investments | $ | 3,170,868 | $ | 6,971 | $ | (1,019 | ) | $ | 3,176,820 | |||||||
Cash, cash equivalents and short-term investments consisted of the following as of November 28, 2014 (in thousands): | ||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||||
Current assets: | ||||||||||||||||
Cash | $ | 348,283 | $ | — | $ | — | $ | 348,283 | ||||||||
Cash equivalents: | ||||||||||||||||
Money market mutual funds | 705,978 | — | — | 705,978 | ||||||||||||
Time deposits | 63,139 | — | — | 63,139 | ||||||||||||
Total cash equivalents | 769,117 | — | — | 769,117 | ||||||||||||
Total cash and cash equivalents | 1,117,400 | — | — | 1,117,400 | ||||||||||||
Short-term fixed income securities: | ||||||||||||||||
Corporate bonds and commercial paper | 1,514,632 | 5,253 | (509 | ) | 1,519,376 | |||||||||||
Foreign government securities | 4,499 | 12 | — | 4,511 | ||||||||||||
Municipal securities | 174,775 | 438 | (12 | ) | 175,201 | |||||||||||
U.S. agency securities | 497,154 | 1,295 | (64 | ) | 498,385 | |||||||||||
U.S. Treasury securities | 423,075 | 1,080 | (28 | ) | 424,127 | |||||||||||
Subtotal | 2,614,135 | 8,078 | (613 | ) | 2,621,600 | |||||||||||
Marketable equity securities | 153 | 338 | — | 491 | ||||||||||||
Total short-term investments | 2,614,288 | 8,416 | (613 | ) | 2,622,091 | |||||||||||
Total cash, cash equivalents and short-term investments | $ | 3,731,688 | $ | 8,416 | $ | (613 | ) | $ | 3,739,491 | |||||||
See Note 4 for further information regarding the fair value of our financial instruments. | ||||||||||||||||
The following table summarizes the fair value and gross unrealized losses related to available-for-sale securities, aggregated by investment category, that have been in an unrealized loss position for less than twelve months, as of February 27, 2015 and November 28, 2014 (in thousands): | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
Corporate bonds and commercial paper | $ | 370,130 | $ | (762 | ) | $ | 291,890 | $ | (443 | ) | ||||||
Municipal securities | 17,313 | (11 | ) | 21,759 | (12 | ) | ||||||||||
U.S. Treasury and agency securities | 185,524 | (173 | ) | 43,507 | (64 | ) | ||||||||||
Asset-backed securities | 12,550 | (8 | ) | — | — | |||||||||||
Total | $ | 585,517 | $ | (954 | ) | $ | 357,156 | $ | (519 | ) | ||||||
There were 287 securities and 213 securities in an unrealized loss position for less than twelve months at February 27, 2015 and at November 28, 2014, respectively. | ||||||||||||||||
The following table summarizes the fair value and gross unrealized losses related to available-for-sale securities, aggregated by investment category, that were in a continuous unrealized loss position for more than twelve months, as of February 27, 2015 and November 28, 2014 (in thousands): | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
Corporate bonds and commercial paper | $ | 6,890 | $ | (60 | ) | $ | 8,636 | $ | (66 | ) | ||||||
U.S. Treasury and agency securities | 648 | (5 | ) | 5,884 | (28 | ) | ||||||||||
Total | $ | 7,538 | $ | (65 | ) | $ | 14,520 | $ | (94 | ) | ||||||
As of February 27, 2015, there were five securities in an unrealized loss position for more than twelve months. As of November 28, 2014, there were eight securities in an unrealized loss position for more than twelve months. | ||||||||||||||||
The following table summarizes the cost and estimated fair value of short-term fixed income securities classified as short-term investments based on stated effective maturities as of February 27, 2015 (in thousands): | ||||||||||||||||
Amortized | Estimated | |||||||||||||||
Cost | Fair Value | |||||||||||||||
Due within one year | $ | 604,410 | $ | 605,226 | ||||||||||||
Due between one and two years | 915,217 | 917,464 | ||||||||||||||
Due between two and three years | 705,725 | 707,533 | ||||||||||||||
Due after three years | 232,632 | 233,713 | ||||||||||||||
Total | $ | 2,457,984 | $ | 2,463,936 | ||||||||||||
We review our debt and marketable equity securities classified as short-term investments on a regular basis to evaluate whether or not any security has experienced an other-than-temporary decline in fair value. We consider factors such as the length of time and extent to which the market value has been less than the cost, the financial condition and near-term prospects of the issuer and our intent to sell, or whether it is more likely than not we will be required to sell the investment before recovery of the investment’s amortized cost basis. If we believe that an other-than-temporary decline exists in one of these securities, we write down these investments to fair value. For debt securities, the portion of the write-down related to credit loss would be recorded to interest and other income, net in our Condensed Consolidated Statements of Income. Any portion not related to credit loss would be recorded to accumulated other comprehensive income, which is reflected as a separate component of stockholders’ equity in our Condensed Consolidated Balance Sheets. For equity securities, the write-down would be recorded to investment gains (losses), net in our Condensed Consolidated Statements of Income. During the three months ended February 27, 2015, we did not consider any of our investments to be other-than-temporarily impaired. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||
Feb. 27, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS | |||||||||||||||
Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis | ||||||||||||||||
We measure certain financial assets and liabilities at fair value on a recurring basis. There have been no transfers between fair value measurement levels during the three months ended February 27, 2015. | ||||||||||||||||
The fair value of our financial assets and liabilities at February 27, 2015 was determined using the following inputs (in thousands): | ||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Quoted Prices | Significant | Significant | ||||||||||||||
in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | |||||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Money market mutual funds | $ | 507,132 | $ | 507,132 | $ | — | $ | — | ||||||||
Time deposits | 9,588 | 9,588 | — | — | ||||||||||||
Short-term investments: | ||||||||||||||||
Corporate bonds and commercial paper | 1,536,332 | — | 1,536,332 | — | ||||||||||||
Asset-backed securities | 42,851 | — | 42,851 | — | ||||||||||||
Municipal securities | 170,045 | — | 170,045 | — | ||||||||||||
U.S. agency securities | 356,336 | — | 356,336 | — | ||||||||||||
U.S. Treasury securities | 358,372 | — | 358,372 | — | ||||||||||||
Prepaid expenses and other current assets: | ||||||||||||||||
Foreign currency derivatives | 30,418 | — | 30,418 | — | ||||||||||||
Other assets: | ||||||||||||||||
Deferred compensation plan assets | 29,840 | 558 | 29,282 | — | ||||||||||||
Interest rate swap derivatives | 15,244 | — | 15,244 | — | ||||||||||||
Total assets | $ | 3,056,158 | $ | 517,278 | $ | 2,538,880 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Accrued expenses: | ||||||||||||||||
Foreign currency derivatives | $ | 2,118 | $ | — | $ | 2,118 | $ | — | ||||||||
Total liabilities | $ | 2,118 | $ | — | $ | 2,118 | $ | — | ||||||||
The fair value of our financial assets and liabilities at November 28, 2014 was determined using the following inputs (in thousands): | ||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Quoted Prices | Significant | Significant | ||||||||||||||
in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | |||||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Money market mutual funds | $ | 705,978 | $ | 705,978 | $ | — | $ | — | ||||||||
Time deposits | 63,139 | 63,139 | — | — | ||||||||||||
Short-term investments: | ||||||||||||||||
Corporate bonds and commercial paper | 1,519,376 | — | 1,519,376 | — | ||||||||||||
Foreign government securities | 4,511 | — | 4,511 | — | ||||||||||||
Marketable equity securities | 491 | 491 | — | — | ||||||||||||
Municipal securities | 175,201 | — | 175,201 | — | ||||||||||||
U.S. agency securities | 498,385 | — | 498,385 | — | ||||||||||||
U.S. Treasury securities | 424,127 | — | 424,127 | — | ||||||||||||
Prepaid expenses and other current assets: | ||||||||||||||||
Foreign currency derivatives | 32,991 | — | 32,991 | — | ||||||||||||
Other assets: | ||||||||||||||||
Deferred compensation plan assets | 25,745 | 549 | 25,196 | — | ||||||||||||
Interest rate swap derivatives | 14,268 | — | 14,268 | — | ||||||||||||
Total assets | $ | 3,464,212 | $ | 770,157 | $ | 2,694,055 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Accrued expenses: | ||||||||||||||||
Foreign currency derivatives | $ | 663 | $ | — | $ | 663 | $ | — | ||||||||
Total liabilities | $ | 663 | $ | — | $ | 663 | $ | — | ||||||||
See Note 3 for further information regarding the fair value of our financial instruments. | ||||||||||||||||
Our fixed income available-for-sale securities consist of high quality, investment grade securities from diverse issuers with a minimum credit rating of BBB and a weighted average credit rating of AA-. We value these securities based on pricing from pricing vendors who may use quoted prices in active markets for identical assets (Level 1 inputs) or inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs) in determining fair value. However, we classify all of our fixed income available-for-sale securities as having Level 2 inputs. The valuation techniques used to measure the fair value of our financial instruments and derivatives having Level 2 inputs were derived from non-binding market consensus prices that are corroborated by observable market data, quoted market prices for similar instruments, or pricing models such as discounted cash flow techniques. Our procedures include controls to ensure that appropriate fair values are recorded such as comparing prices obtained from multiple independent sources. | ||||||||||||||||
Our deferred compensation plan assets consist of prime money market funds and mutual funds. | ||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ||||||||||||||||
We also have direct investments in privately held companies accounted for under the cost method, which are periodically assessed for other-than-temporary impairment. If we determine that an other-than-temporary impairment has occurred, we write down the investment to its fair value. We estimate fair value of our cost method investments considering available information such as pricing in recent rounds of financing, current cash positions, earnings and cash flow forecasts, recent operational performance and any other readily available market data. For the three months ended February 27, 2015 and February 28, 2014, we determined there were no other-than-temporary impairments on our cost method investments. | ||||||||||||||||
As of February 27, 2015, the carrying value of our lease receivables approximated fair value, based on Level 2 valuation inputs which include Treasury rates, LIBOR rates and applicable credit spreads. See Note 12 for further details regarding our investment in lease receivable. | ||||||||||||||||
The fair value of our senior notes was $2.0 billion as of February 27, 2015, based on observable market prices in less active markets and categorized as Level 2. See Note 13 for further details regarding our debt. |
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities | 3 Months Ended | |||||||||||||||
Feb. 27, 2015 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||
DERIVATIVES AND HEDGING ACTIVITIES | DERIVATIVES | |||||||||||||||
Hedge accounting and hedging programs | ||||||||||||||||
We recognize all derivative instruments as either assets or liabilities in our Condensed Consolidated Balance Sheets and measure them at fair value. Gains and losses resulting from changes in fair value are accounted for depending on the use of the derivative and whether it is designated and qualifies for hedge accounting. | ||||||||||||||||
We evaluate hedge effectiveness on our hedges that are designated and qualify for hedge accounting at the inception of the hedge prospectively as well as retrospectively, and record any ineffective portion of the hedging instruments in interest and other income (expense), net on our Condensed Consolidated Statements of Income. The time value of purchased contracts is recorded in interest and other income (expense), net in our Condensed Consolidated Statements of Income. | ||||||||||||||||
The bank counterparties to these contracts expose us to credit-related losses in the event of their nonperformance which are largely mitigated with collateral security agreements that provide for collateral to be received or posted when the net fair value of certain financial instruments fluctuates from contractually established thresholds. In addition, the Company enters into master netting arrangements which have the ability to further limit credit related losses with the same counterparty by permitting net settlement of transactions. Our hedging policy also establishes maximum limits for each counterparty to mitigate any concentration of risk. | ||||||||||||||||
Balance Sheet Hedging - Hedges of Foreign Currency Assets and Liabilities | ||||||||||||||||
We hedge our net recognized foreign currency denominated assets and liabilities with foreign exchange forward contracts to reduce the risk that the value of these assets and liabilities will be adversely affected by changes in exchange rates. These contracts hedge assets and liabilities that are denominated in foreign currencies and are carried at fair value as either assets or liabilities on the Condensed Consolidated Balance Sheet with changes in the fair value recorded to interest and other income (expense), net in our Condensed Consolidated Statements of Income. These contracts do not subject us to material balance sheet risk due to exchange rate movements because gains and losses on these derivatives are intended to offset gains and losses on the assets and liabilities being hedged. | ||||||||||||||||
Cash Flow Hedging—Hedges of Forecasted Foreign Currency Revenue and Interest Rate Risk | ||||||||||||||||
In countries outside the U.S., we transact business in U.S. Dollars and in various other currencies. We may use foreign exchange option contracts or forward contracts to hedge certain cash flow exposures resulting from changes in these foreign currency exchange rates. These foreign exchange contracts, carried at fair value, have maturities of up to twelve months. We enter into these foreign exchange contracts to hedge a portion of our forecasted foreign currency denominated revenue in the normal course of business and accordingly, they are not speculative in nature. | ||||||||||||||||
We recognize these contracts as derivative instruments and they are classified as either assets or liabilities on the Condensed Consolidated Balance Sheets and measured on a recurring basis at fair value. Gains and losses resulting from changes in fair value are accounted for depending on the use of the contract and whether it is designated and qualifies for hedge accounting. To receive hedge accounting treatment, all hedging relationships are formally documented at the inception of the hedge, and the hedges must be highly effective in offsetting changes to future cash flows on hedged transactions. We record changes in the intrinsic value of these cash flow hedges in accumulated other comprehensive income in our Condensed Consolidated Balance Sheets, until the forecasted transaction occurs. When the forecasted transaction occurs, we reclassify the related gain or loss on the cash flow hedge to revenue. In the event the underlying forecasted transaction does not occur, or it becomes probable that it will not occur, we reclassify the gain or loss on the related cash flow hedge from accumulated other comprehensive income to interest and other income (expense), net in our Condensed Consolidated Statements of Income at that time. If we do not elect hedge accounting, or the contract does not qualify for hedge accounting treatment, the changes in fair market value from period to period are recorded in interest and other income (expense), net in our Condensed Consolidated Statements of Income. | ||||||||||||||||
In December 2014, in anticipation of issuing new long-term fixed rate debt, we entered into an interest rate lock agreement on a notional amount of $600.0 million to hedge against the variability of future interest payments due to changes in the benchmark interest rate. This instrument was designated as a cash flow hedge. Upon issuance of our $1.0 billion of 3.25% senior notes due February 1, 2025 (the “2025 Notes”) in January 2015, we terminated the instrument and incurred a loss of $16.2 million. This loss is recorded in the stockholders’ equity section in our Condensed Consolidated Balance Sheets in accumulated other comprehensive income and will be reclassified to interest expense over a ten-year term consistent with the impact of the hedged item. See Note 13 for further details regarding our debt. | ||||||||||||||||
Fair Value Hedging - Hedges of Interest Rate Risk | ||||||||||||||||
During the third quarter of fiscal 2014, we entered into interest rate swaps designated as a fair value hedges related to our $900.0 million of 4.75% fixed interest rate senior notes due February 1, 2020 (the “2020 Notes”). In effect, the interest rate swaps convert the fixed interest rate on our 2020 Notes to a floating interest rate based on the London Interbank Offered Rate (“LIBOR”). Under the terms of the swaps, we will pay monthly interest at the one-month LIBOR rate plus a fixed number of basis points on the $900.0 million notional amount through February 1, 2020. In exchange, we will receive 4.75% fixed rate interest from the swap counterparties. See Note 13 for further details regarding our debt. | ||||||||||||||||
The interest rate swaps are accounted for as fair value hedges and substantially offset the changes in fair value of the hedged portion of the underlying debt that are attributable to the changes in market risk. Therefore, the gains and losses related to changes in the fair value of the interest rate swaps are included in interest and other income (expense), net in our Condensed Consolidated Statement of Income. The fair value of the interest rate swaps is reflected as either assets or liabilities in our Condensed Consolidated Balance Sheets. | ||||||||||||||||
The fair value of derivative instruments on our Condensed Consolidated Balance Sheets as of February 27, 2015 and November 28, 2014 were as follows (in thousands): | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Fair Value | Fair Value | Fair Value | Fair Value | |||||||||||||
Asset | Liability | Asset | Liability | |||||||||||||
Derivatives | Derivatives | Derivatives | Derivatives | |||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Foreign exchange option contracts(1) (3) | $ | 29,546 | $ | — | $ | 31,275 | $ | — | ||||||||
Interest rate swap (2) | 15,244 | — | 14,268 | — | ||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||
Foreign exchange forward contracts (1) | 872 | 2,118 | 1,716 | 663 | ||||||||||||
Total derivatives | $ | 45,662 | $ | 2,118 | $ | 47,259 | $ | 663 | ||||||||
_________________________________________ | ||||||||||||||||
(1) | Included in prepaid expenses and other current assets and accrued expenses for asset derivatives and liability derivatives, respectively, on our Condensed Consolidated Balance Sheets. | |||||||||||||||
(2) | Included in other assets or other liabilities on our Condensed Consolidated Balance Sheets. | |||||||||||||||
(3) | Hedging effectiveness expected to be recognized into income within the next twelve months. | |||||||||||||||
The effect of foreign currency derivative instruments designated as cash flow hedges and of foreign currency derivative instruments not designated as hedges in our Condensed Consolidated Statements of Income for the three months ended February 27, 2015 and February 28, 2014 were as follows (in thousands): | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Foreign | Foreign | Foreign | Foreign | |||||||||||||
Exchange | Exchange | Exchange | Exchange | |||||||||||||
Option | Forward | Option | Forward | |||||||||||||
Contracts | Contracts | Contracts | Contracts | |||||||||||||
Derivatives in cash flow hedging relationships: | ||||||||||||||||
Net gain (loss) recognized in OCI, net of tax(1) | $ | 22,239 | $ | — | $ | (29 | ) | $ | — | |||||||
Net gain (loss) reclassified from accumulated | $ | 23,712 | $ | — | $ | 2,798 | $ | — | ||||||||
OCI into income, net of tax(2) | ||||||||||||||||
Net gain (loss) recognized in income(3) | $ | (2,935 | ) | $ | — | $ | (3,543 | ) | $ | — | ||||||
Derivatives not designated as hedging relationships: | ||||||||||||||||
Net gain (loss) recognized in income(4) | $ | — | $ | 2,070 | $ | — | $ | 1,235 | ||||||||
_________________________________________ | ||||||||||||||||
(1) | Net change in the fair value of the effective portion classified in other comprehensive income (“OCI”). | |||||||||||||||
(2) | Effective portion classified as revenue. | |||||||||||||||
(3) | Ineffective portion and amount excluded from effectiveness testing classified in interest and other income (expense), net. | |||||||||||||||
(4) | Classified in interest and other income (expense), net. |
Goodwill_and_Purchased_and_Oth
Goodwill and Purchased and Other Intangibles | 3 Months Ended | |||||||||||||||||||||||
Feb. 27, 2015 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
GOODWILL AND PURCHASED AND OTHER INTANGIBLES | GOODWILL AND PURCHASED AND OTHER INTANGIBLES | |||||||||||||||||||||||
Goodwill as of February 27, 2015 and November 28, 2014 was $5.396 billion and $4.722 billion, respectively. The increase was due to our acquisition of Fotolia and offset by foreign currency translation adjustments. | ||||||||||||||||||||||||
Purchased and other intangible assets subject to amortization as of February 27, 2015 and November 28, 2014 were as follows (in thousands): | ||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
Cost | Accumulated Amortization | Net | Cost | Accumulated Amortization | Net | |||||||||||||||||||
Purchased technology | $ | 409,114 | $ | (279,237 | ) | $ | 129,877 | $ | 405,208 | $ | (264,697 | ) | $ | 140,511 | ||||||||||
Customer contracts and relationships | $ | 513,836 | $ | (153,062 | ) | $ | 360,774 | $ | 376,994 | $ | (143,330 | ) | $ | 233,664 | ||||||||||
Trademarks | 90,067 | (38,637 | ) | 51,430 | 67,268 | (36,516 | ) | 30,752 | ||||||||||||||||
Acquired rights to use technology | 149,825 | (91,573 | ) | 58,252 | 148,836 | (86,258 | ) | 62,578 | ||||||||||||||||
Localization | 614 | (197 | ) | 417 | 549 | (382 | ) | 167 | ||||||||||||||||
Other intangibles | 30,535 | (1,968 | ) | 28,567 | 3,163 | (1,173 | ) | 1,990 | ||||||||||||||||
Total other intangible assets | $ | 784,877 | $ | (285,437 | ) | $ | 499,440 | $ | 596,810 | $ | (267,659 | ) | $ | 329,151 | ||||||||||
Purchased and other intangible assets, net | $ | 1,193,991 | $ | (564,674 | ) | $ | 629,317 | $ | 1,002,018 | $ | (532,356 | ) | $ | 469,662 | ||||||||||
Amortization expense related to purchased and other intangible assets was $39.5 million and $38.4 million for the three months ended February 27, 2015 and February 28, 2014, respectively. Of these amounts, $24.9 million were included in cost of sales for both the three months ended February 27, 2015 and February 28, 2014. | ||||||||||||||||||||||||
As of February 27, 2015, we expect amortization expense in future periods to be as follows (in thousands): | ||||||||||||||||||||||||
Fiscal Year | Purchased | Other Intangible | ||||||||||||||||||||||
Technology | Assets | |||||||||||||||||||||||
Remainder of 2015 | $ | 48,034 | $ | 85,315 | ||||||||||||||||||||
2016 | 28,789 | 107,765 | ||||||||||||||||||||||
2017 | 21,384 | 98,011 | ||||||||||||||||||||||
2018 | 14,345 | 87,345 | ||||||||||||||||||||||
2019 | 7,364 | 60,515 | ||||||||||||||||||||||
Thereafter | 9,961 | 60,489 | ||||||||||||||||||||||
Total expected amortization expense | $ | 129,877 | $ | 499,440 | ||||||||||||||||||||
Accrued_Expenses
Accrued Expenses | 3 Months Ended | |||||||
Feb. 27, 2015 | ||||||||
Payables and Accruals [Abstract] | ||||||||
ACCRUED EXPENSES | ACCRUED EXPENSES | |||||||
Accrued expenses as of February 27, 2015 and November 28, 2014 consisted of the following (in thousands): | ||||||||
2015 | 2014 | |||||||
Accrued compensation and benefits | $ | 221,137 | $ | 320,679 | ||||
Sales and marketing allowances | 64,348 | 75,627 | ||||||
Accrued corporate marketing | 30,061 | 28,369 | ||||||
Taxes payable | 22,157 | 24,658 | ||||||
Royalties payable | 15,094 | 15,073 | ||||||
Accrued interest expense | 8,163 | 22,621 | ||||||
Other | 203,251 | 196,839 | ||||||
Accrued expenses | $ | 564,211 | $ | 683,866 | ||||
Other primarily includes general corporate accruals for technical support and local and regional expenses, including our accrual for a loss contingency. Other is also comprised of deferred rent related to office locations with rent escalations and foreign currency liability derivatives. See Note 12 for further information regarding the loss contingency. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||||||||||
Feb. 27, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION | ||||||||||||||||
Summary of Restricted Stock Units | |||||||||||||||||
Restricted stock unit activity for the three months ended February 27, 2015 and the fiscal year ended November 28, 2014 was as follows (in thousands): | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Beginning outstanding balance | 13,564 | 17,948 | |||||||||||||||
Awarded | 2,915 | 4,413 | |||||||||||||||
Released | (5,226 | ) | (7,502 | ) | |||||||||||||
Forfeited | (251 | ) | (1,295 | ) | |||||||||||||
Ending outstanding balance | 11,002 | 13,564 | |||||||||||||||
Information regarding restricted stock units outstanding at February 27, 2015 and February 28, 2014 is summarized below: | |||||||||||||||||
Number of | Weighted | Aggregate | |||||||||||||||
Shares | Average | Intrinsic | |||||||||||||||
(thousands) | Remaining | Value(*) | |||||||||||||||
Contractual | (millions) | ||||||||||||||||
Life | |||||||||||||||||
(years) | |||||||||||||||||
2015 | |||||||||||||||||
Restricted stock units outstanding | 11,002 | 1.39 | $ | 870.2 | |||||||||||||
Restricted stock units vested and expected to vest | 9,557 | 1.33 | $ | 746.7 | |||||||||||||
2014 | |||||||||||||||||
Restricted stock units outstanding | 15,044 | 1.45 | $ | 1,032.50 | |||||||||||||
Restricted stock units vested and expected to vest | 13,177 | 1.39 | $ | 899 | |||||||||||||
_________________________________________ | |||||||||||||||||
(*) | The intrinsic value is calculated as the market value as of the end of the fiscal period. As reported by the NASDAQ Global Select Market, the market values as of February 27, 2015 and February 28, 2014 were $79.10 and $68.63, respectively. | ||||||||||||||||
Summary of Performance Shares | |||||||||||||||||
On January 26, 2015, our Executive Compensation Committee approved the 2015 Performance Share Program, including the award calculation methodology, under the terms of our 2003 Equity Incentive Plan. Under our 2015 Performance Share Program (“2015 Program”), shares may be earned based on the achievement of an objective relative total stockholder return measured over a three-year performance period. The purpose of the 2015 Program is to help focus key employees on building stockholder value, provide significant award potential for achieving outstanding Company performance and enhance the ability of the Company to attract and retain highly talented and competent individuals. Performance share awards will be awarded and fully vest upon the Executive Compensation Committee's certification of the level of achievement following the three-year anniversary of the grant date on January 24, 2018. Participants in the 2015 Program generally have the ability to receive up to 200% of the target number of shares originally granted. | |||||||||||||||||
On January 24, 2014, our Executive Compensation Committee approved the 2014 Performance Share Program, including the award calculation methodology, under the terms of our 2003 Equity Incentive Plan. Under our 2014 Performance Share Program (“2014 Program”), shares may be earned based on the achievement of an objective relative total stockholder return measured over a three-year performance period. The purpose of the 2014 Program is to help focus key employees on building stockholder value, provide significant award potential for achieving outstanding company performance and enhance the ability of the Company to attract and retain highly talented and competent individuals. Performance share awards will be awarded and fully vest upon the Executive Compensation Committee’s certification of the level of achievement following the three-year anniversary of the grant date on January 24, 2017. Participants in the 2014 Program generally have the ability to receive up to 200% of the target number of shares originally granted. | |||||||||||||||||
Effective January 24, 2013, our Executive Compensation Committee modified our Performance Share Program by eliminating the use of qualitative performance objectives, with 100% of shares to be earned based on the achievement of an objective relative total stockholder return measured over a three-year performance period. Performance awards were granted under the 2013 Performance Share Program (“2013 Program”) pursuant to the terms of our 2003 Equity Incentive Plan. The purpose of the 2013 Program is to align key management and senior leadership with stockholders’ interests over the long term and to retain key employees. Performance share awards will be awarded and fully vest upon the Executive Compensation Committee's certification of the level of achievement following the three-year anniversary of the grant date on January 24, 2016. Participants in the 2013 Program generally have the ability to receive up to 200% of the target number of shares originally granted. | |||||||||||||||||
As of February 27, 2015, the shares awarded under our 2013, 2014, and 2015 Performance Share Programs are yet to be achieved. The following table sets forth the summary of performance share activity under our 2013, 2014, and 2015 Performance Share Programs for the three months ended February 27, 2015 and the fiscal year ended November 28, 2014 (in thousands): | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Shares | Maximum | Shares | Maximum | ||||||||||||||
Granted | Shares Eligible | Granted | Shares Eligible | ||||||||||||||
to Receive | to Receive | ||||||||||||||||
Beginning outstanding balance | 1,517 | 3,034 | 854 | 1,707 | |||||||||||||
Awarded | 671 | 1,342 | 709 | 1,417 | |||||||||||||
Forfeited | (37 | ) | (74 | ) | (46 | ) | (90 | ) | |||||||||
Ending outstanding balance | 2,151 | 4,302 | 1,517 | 3,034 | |||||||||||||
The following table sets forth the summary of performance share activity under our performance share programs prior to fiscal 2013, based upon share awards actually achieved, for the three months ended February 27, 2015 and the fiscal year ended November 28, 2014 (in thousands): | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Beginning outstanding balance | 354 | 861 | |||||||||||||||
Released | (354 | ) | (486 | ) | |||||||||||||
Forfeited | — | (21 | ) | ||||||||||||||
Ending outstanding balance | — | 354 | |||||||||||||||
Information regarding performance shares outstanding at February 28, 2014 is summarized below: | |||||||||||||||||
Number of | Weighted | Aggregate | |||||||||||||||
Shares | Average | Intrinsic | |||||||||||||||
(thousands) | Remaining | Value(*) | |||||||||||||||
Contractual | (millions) | ||||||||||||||||
Life | |||||||||||||||||
(years) | |||||||||||||||||
Performance shares outstanding | 365 | 0.9 | $ | 25.1 | |||||||||||||
Performance shares vested and expected to vest | 336 | 0.9 | $ | 22.9 | |||||||||||||
_________________________________________ | |||||||||||||||||
(*) | The intrinsic value is calculated as the market value as of the end of the fiscal period. As reported by the NASDAQ Global Select Market, the market value as of February 28, 2014 was $68.63. | ||||||||||||||||
Summary of Stock Options | |||||||||||||||||
There were no option grants during the three months ended February 27, 2015 and the three months ended February 28, 2014. Option activity for the three months ended February 27, 2015 and the fiscal year ended November 28, 2014 was as follows (in thousands): | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Beginning outstanding balance | 3,173 | 7,359 | |||||||||||||||
Exercised | (701 | ) | (4,055 | ) | |||||||||||||
Cancelled | (17 | ) | (153 | ) | |||||||||||||
Increase due to acquisition | — | 22 | |||||||||||||||
Ending outstanding balance | 2,455 | 3,173 | |||||||||||||||
Information regarding stock options outstanding at February 27, 2015 and February 28, 2014 is summarized below: | |||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||
Shares | Average | Average | Intrinsic | ||||||||||||||
(thousands) | Exercise | Remaining | Value(*) | ||||||||||||||
Price | Contractual | (millions) | |||||||||||||||
Life | |||||||||||||||||
(years) | |||||||||||||||||
2015 | |||||||||||||||||
Options outstanding | 2,455 | $ | 28.87 | 3.03 | $ | 123.3 | |||||||||||
Options vested and expected to vest | 2,443 | $ | 28.95 | 3.01 | $ | 122.5 | |||||||||||
Options exercisable | 2,301 | $ | 29.9 | 2.78 | $ | 113.2 | |||||||||||
2014 | |||||||||||||||||
Options outstanding | 5,807 | $ | 29.46 | 3.21 | $ | 227.5 | |||||||||||
Options vested and expected to vest | 5,730 | $ | 29.57 | 3.18 | $ | 223.8 | |||||||||||
Options exercisable | 4,681 | $ | 30.64 | 2.73 | $ | 177.9 | |||||||||||
_________________________________________ | |||||||||||||||||
(*) | The intrinsic value is calculated as the difference between the market value as of the end of the fiscal period and the exercise price of the shares. As reported by the NASDAQ Global Select Market, the market values as of February 27, 2015 and February 28, 2014 were $79.10 and $68.63, respectively. | ||||||||||||||||
Summary of Employee Stock Purchase Plan Shares | |||||||||||||||||
The expected life of the employee stock purchase plan (“ESPP”) shares is the average of the remaining purchase periods under each offering period. The assumptions used to value employee stock purchase rights during the three months ended February 27, 2015 and February 28, 2014 were as follows: | |||||||||||||||||
Three Months | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Expected life (in years) | 0.5 - 2.0 | 0.5 - 2.0 | |||||||||||||||
Volatility | 27% - 30% | 27% - 28% | |||||||||||||||
Risk free interest rate | 0.12% - 0.67% | 0.09% - 0.39% | |||||||||||||||
Employees purchased 0.7 million shares at an average price of $50.31 and 1.2 million shares at an average price of $27.84 for the three months ended February 27, 2015 and February 28, 2014, respectively. The intrinsic value of shares purchased during the three months ended February 27, 2015 and February 28, 2014 was $16.0 million and $39.0 million, respectively. The intrinsic value is calculated as the difference between the market value on the date of purchase and the purchase price of the shares. | |||||||||||||||||
Compensation Costs | |||||||||||||||||
As of February 27, 2015, there was $552.3 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to non-vested stock-based awards which will be recognized over a weighted average period of 2.0 years. Total unrecognized compensation cost will be adjusted for future changes in estimated forfeitures. | |||||||||||||||||
Total stock-based compensation costs that have been included in our Condensed Consolidated Statements of Income for the three months ended February 27, 2015 and February 28, 2014 were as follows (in thousands): | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Income Statement Classifications | Option | Restricted | Option | Restricted | |||||||||||||
Grants | Stock and | Grants | Stock and | ||||||||||||||
and Stock | Performance | and Stock | Performance | ||||||||||||||
Purchase | Share | Purchase | Share | ||||||||||||||
Rights | Awards | Rights | Awards | ||||||||||||||
Cost of revenue—subscription | $ | 441 | $ | 1,529 | $ | 461 | $ | 1,369 | |||||||||
Cost of revenue—services and support | 1,216 | 1,857 | 731 | 1,538 | |||||||||||||
Research and development | 4,056 | 26,705 | 4,257 | 26,557 | |||||||||||||
Sales and marketing | 4,598 | 27,285 | 4,763 | 25,731 | |||||||||||||
General and administrative | 1,463 | 16,761 | 1,786 | 15,595 | |||||||||||||
Total | $ | 11,774 | $ | 74,137 | $ | 11,998 | $ | 70,790 | |||||||||
Restructuring_Charges
Restructuring Charges | 3 Months Ended | |||||||||||||||||||
Feb. 27, 2015 | ||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||||||
RESTRUCTURING CHARGES | RESTRUCTURING CHARGES | |||||||||||||||||||
Fiscal 2014 Restructuring Plan | ||||||||||||||||||||
In the fourth quarter of fiscal 2014, in order to better align our global resources for Digital Media and Digital Marketing, we initiated a restructuring plan to vacate our Research and Development facility in China and our Sales and Marketing facility in Russia. This plan consisted of reductions of approximately 350 full-time positions and we recorded restructuring charges of approximately $19.2 million through the first quarter of fiscal 2015 related to ongoing termination benefits for the positions eliminated. The amount accrued for the fair value of future contractual obligations under these operating leases was insignificant. During the first quarter of fiscal 2015 we vacated both of these facilities and as of February 27, 2015 we consider the Fiscal 2014 Restructuring Plan to be substantially complete. | ||||||||||||||||||||
Other Restructuring Plans | ||||||||||||||||||||
During the past several years, we have implemented Other Restructuring Plans consisting of reductions in workforce and the consolidation of facilities to better align our resources around our business strategies. As of February 27, 2015, we considered our Other Restructuring Plans to be substantially complete. We continue to make cash outlays to settle obligations under these plans, however the current impact to our Condensed Consolidated Financial Statements is not significant. | ||||||||||||||||||||
Summary of Restructuring Plans | ||||||||||||||||||||
The following table sets forth a summary of restructuring activities related to all of our restructuring plans during the three months ended February 27, 2015 (in thousands): | ||||||||||||||||||||
November 28, | Costs | Cash | Other | February 27, | ||||||||||||||||
2014 | Incurred | Payments | Adjustments | 2015 | ||||||||||||||||
Fiscal 2014 Restructuring Plan: | ||||||||||||||||||||
Termination benefits | $ | 14,461 | $ | 420 | $ | (15,731 | ) | $ | 994 | $ | 144 | |||||||||
Cost of closing redundant facilities | 472 | — | (227 | ) | 133 | 378 | ||||||||||||||
Other Restructuring Plans: | ||||||||||||||||||||
Termination benefits | 537 | — | (4 | ) | (54 | ) | 479 | |||||||||||||
Cost of closing redundant facilities | 6,844 | — | (332 | ) | (438 | ) | 6,074 | |||||||||||||
Total restructuring plans | $ | 22,314 | $ | 420 | $ | (16,294 | ) | $ | 635 | $ | 7,075 | |||||||||
Accrued restructuring charges of $7.1 million as of February 27, 2015 includes $2.6 million recorded in accrued restructuring, current and $4.5 million related to long-term facilities obligations recorded in accrued restructuring, non-current on our Condensed Consolidated Balance Sheets. We expect to pay accrued termination benefits through fiscal 2015 and facilities-related liabilities under contract through fiscal 2021 of which approximately 41% will be paid through fiscal 2016. |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | |||||||||||||||
Feb. 27, 2015 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY | |||||||||||||||
Retained Earnings | ||||||||||||||||
The changes in retained earnings for the three months ended February 27, 2015 were as follows (in thousands): | ||||||||||||||||
Balance as of November 28, 2014 | $ | 6,924,294 | ||||||||||||||
Net income | 84,888 | |||||||||||||||
Re-issuance of treasury stock | (252,379 | ) | ||||||||||||||
Balance as of February 27, 2015 | $ | 6,756,803 | ||||||||||||||
We account for treasury stock under the cost method. When treasury stock is re-issued at a price higher than its cost, the difference is recorded as a component of additional paid-in-capital in our Condensed Consolidated Balance Sheets. When treasury stock is re-issued at a price lower than its cost, the difference is recorded as a component of additional paid-in-capital to the extent that there are treasury stock gains to offset the losses. If there are no treasury stock gains in additional paid-in-capital, the losses upon re-issuance of treasury stock are recorded as a reduction of retained earnings in our Condensed Consolidated Balance Sheets. | ||||||||||||||||
The components of accumulated other comprehensive income (loss) and activity, net of related taxes, as of February 27, 2015 were as follows (in thousands): | ||||||||||||||||
November 28, | Increase / Decrease | Reclassification Adjustments | February 27, | |||||||||||||
2014 | 2015 | |||||||||||||||
Net unrealized gains on available-for-sale securities: | ||||||||||||||||
Unrealized gains on available-for-sale securities | $ | 8,237 | $ | (370 | ) | $ | (967 | ) | $ | 6,900 | ||||||
Unrealized losses on available-for-sale securities | (609 | ) | (447 | ) | 40 | (1,016 | ) | |||||||||
Total net unrealized gains on available-for-sale securities | 7,628 | (817 | ) | (927 | ) | (1) | 5,884 | |||||||||
Net unrealized gains / losses on derivative instruments designated as hedging instruments | 28,655 | 12,296 | (23,712 | ) | (2) | 17,239 | ||||||||||
Cumulative foreign currency translation adjustments | (44,377 | ) | (82,556 | ) | — | (126,933 | ) | |||||||||
Total accumulated other comprehensive income (loss), net of taxes | $ | (8,094 | ) | $ | (71,077 | ) | $ | (24,639 | ) | $ | (103,810 | ) | ||||
_________________________________________ | ||||||||||||||||
(1) | Reclassification adjustments for gains / losses on available-for-sale securities are classified in interest and other income (expense), net. | |||||||||||||||
(2) | Reclassification adjustments for loss on the interest rate lock agreement and gains / losses on other derivative instruments are classified in interest and other income (expense), net and revenue, respectively. | |||||||||||||||
The following table sets forth the taxes related to each component of other comprehensive income (loss) for the three months ended February 27, 2015 and February 28, 2014 (in thousands): | ||||||||||||||||
Three Months | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Available-for-sale securities: | ||||||||||||||||
Unrealized gains / losses | $ | (107 | ) | $ | (20 | ) | ||||||||||
Reclassification adjustments | — | (1 | ) | |||||||||||||
Subtotal available-for-sale securities | (107 | ) | (21 | ) | ||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Unrealized gains / losses on derivative instruments* | 6,147 | — | ||||||||||||||
Reclassification adjustments* | (53 | ) | — | |||||||||||||
Subtotal derivatives designated as hedging instruments | 6,094 | — | ||||||||||||||
Foreign currency translation adjustments | (2,095 | ) | 1 | |||||||||||||
Total taxes, other comprehensive income (loss) | $ | 3,892 | $ | (20 | ) | |||||||||||
_________________________________________ | ||||||||||||||||
(*) | Taxes related to derivative instruments other than the interest rate lock agreement were zero based on the tax jurisdiction where these derivative instruments were executed. | |||||||||||||||
Stock Repurchase Program | ||||||||||||||||
To facilitate our stock repurchase program, designed to return value to our stockholders and minimize dilution from stock issuances, we may repurchase shares in the open market or enter into structured repurchase agreements with third parties. During the three months ended February 27, 2015 and February 28, 2014, we entered into several structured stock repurchase agreements with large financial institutions, whereupon we provided them with prepayments totaling $200.0 million in each period. Upon completion of the agreement entered into during the three months ended February 27, 2015, there was no remaining balance under the previous $2.0 billion authority granted by the Board of Directors in April 2012. In the first quarter of fiscal 2015, the Board of Directors approved a new stock repurchase program granting the company authority to repurchase up to $2.0 billion in common stock through the end of fiscal 2017. The new stock repurchase program approved by our Board of Directors is similar to our previous $2.0 billion stock repurchase program. | ||||||||||||||||
We enter into these agreements in order to take advantage of repurchasing shares at a guaranteed discount to the Volume Weighted Average Price (“VWAP”) of our common stock over a specified period of time. We only enter into such transactions when the discount that we receive is higher than the foregone return on our cash prepayments to the financial institutions. There were no explicit commissions or fees on these structured repurchases. Under the terms of the agreements, there is no requirement for the financial institutions to return any portion of the prepayment to us. | ||||||||||||||||
The financial institutions agree to deliver shares to us at monthly intervals during the contract term. The parameters used to calculate the number of shares deliverable are: the total notional amount of the contract, the number of trading days in the contract, the number of trading days in the interval and the average VWAP of our stock during the interval less the agreed upon discount. During the three months ended February 27, 2015, we repurchased approximately 2.4 million shares at an average price of $72.39 through structured repurchase agreements entered into during fiscal 2014 and the three months ended February 27, 2015. During the three months ended February 28, 2014, we repurchased approximately 4.5 million shares at an average price of $58.27 through structured repurchase agreements entered into during fiscal 2013 and the three months ended February 28, 2014. | ||||||||||||||||
For the three months ended February 27, 2015, the prepayments were classified as treasury stock on our Condensed Consolidated Balance Sheets at the payment date, though only shares physically delivered to us by February 27, 2015 were excluded from the computation of earnings per share. As of February 27, 2015, $66.7 million of prepayment remained under this agreement. | ||||||||||||||||
Subsequent to February 27, 2015, as part of our $2.0 billion stock repurchase program, we entered into a structured stock repurchase agreement with a large financial institution whereupon we provided them with a prepayment of $200.0 million. This amount will be classified as treasury stock on our Condensed Consolidated Balance Sheets. Upon completion of the $200.0 million stock repurchase agreement, $1.8 billion remains under our current authority. |
Net_Income_Per_Share
Net Income Per Share | 3 Months Ended | |||||||
Feb. 27, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
NET INCOME PER SHARE | NET INCOME PER SHARE | |||||||
The following table sets forth the computation of basic and diluted net income per share for the three months ended February 27, 2015 and February 28, 2014 (in thousands, except per share data): | ||||||||
Three Months | ||||||||
2015 | 2014 | |||||||
Net income | $ | 84,888 | $ | 47,046 | ||||
Shares used to compute basic net income per share | 498,754 | 496,948 | ||||||
Dilutive potential common shares: | ||||||||
Unvested restricted stock and performance share awards | 7,479 | 8,897 | ||||||
Stock options | 1,293 | 2,495 | ||||||
Shares used to compute diluted net income per share | 507,526 | 508,340 | ||||||
Basic net income per share | $ | 0.17 | $ | 0.09 | ||||
Diluted net income per share | $ | 0.17 | $ | 0.09 | ||||
For the three months ended February 27, 2015 and February 28, 2014, there were no options to purchase shares of common stock with exercise prices greater than the average fair market value of our stock of $73.38 and $60.85, respectively, that would have been anti-dilutive. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Feb. 27, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES |
Lease Commitments | |
We occupy three office buildings in San Jose, California where our corporate headquarters are located. We reference these office buildings as the Almaden Tower and the East and West Towers. We own the land and the East and West Tower buildings, and lease the Almaden Tower building. | |
The lease agreement for the Almaden Tower is effective through March 2017. We are the investors in the lease receivable related to the Almaden Tower lease in the amount of $80.4 million, which is recorded as investment in lease receivable on our Condensed Consolidated Balance Sheets. As of February 27, 2015, the carrying value of the lease receivable related to the Almaden Tower approximated fair value. Under the agreement for the Almaden Tower, we have the option to purchase the building at any time during the lease term for $103.6 million. If we purchase the building, the investment in the lease receivables may be credited against the purchase price. The residual value guarantee under the Almaden Tower obligation is $89.4 million. | |
The Almaden Tower lease is subject to standard covenants including certain financial ratios that are reported to the lessor quarterly. As of February 27, 2015, we were in compliance with all of the covenants. In the case of a default, the lessor may demand we purchase the building for an amount equal to the lease balance, or require that we remarket or relinquish the building. If we choose to remarket or are required to do so upon relinquishing the building, we are bound to arrange the sale of the building to an unrelated party and will be required to pay the lessor any shortfall between the net remarketing proceeds and the lease balance, up to the residual value guarantee amount less our investment in lease receivable. The Almaden Tower lease qualifies for operating lease accounting treatment and, as such, the building and the related obligation are not included in our Condensed Consolidated Balance Sheets. | |
Royalties | |
We have royalty commitments associated with the shipment and licensing of certain products. Royalty expense is generally based on a dollar amount per unit sold or a percentage of the underlying revenue. | |
Indemnifications | |
In the normal course of business, we provide indemnifications of varying scope to customers against claims of intellectual property infringement made by third parties arising from the use of our products and from time to time, we are subject to claims by our customers under these indemnification provisions. Historically, costs related to these indemnification provisions have not been significant and we are unable to estimate the maximum potential impact of these indemnification provisions on our future results of operations. | |
To the extent permitted under Delaware law, we have agreements whereby we indemnify our directors and officers for certain events or occurrences while the director or officer is or was serving at our request in such capacity. The indemnification period covers all pertinent events and occurrences during the director’s or officer’s lifetime. The maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited, however, we have director and officer insurance coverage that limits our exposure and enables us to recover a portion of any future amounts paid. | |
Legal Proceedings | |
In connection with disputes relating to the validity or alleged infringement of third-party intellectual property rights, including patent rights, we have been, are currently and may in the future be subject to claims, negotiations or complex, protracted litigation. Intellectual property disputes and litigation may be very costly and can be disruptive to our business operations by diverting the attention and energies of management and key technical personnel. Although we have successfully defended or resolved past litigation and disputes, we may not prevail in any ongoing or future litigation and disputes. Third-party intellectual property disputes could subject us to significant liabilities, require us to enter into royalty and licensing arrangements on unfavorable terms, prevent us from licensing certain of our products or offering certain of our services, subject us to injunctions restricting our sale of products or services, cause severe disruptions to our operations or the markets in which we compete, or require us to satisfy indemnification commitments with our customers including contractual provisions under various license arrangements and service agreements. | |
Between May 4, 2011 and July 14, 2011, five putative class action lawsuits were filed in Santa Clara Superior Court and Alameda Superior Court in California. On September 12, 2011, the cases were consolidated into In Re High-Tech Employee Antitrust Litigation (“HTEAL”) pending in the United States District Court for the Northern District of California, San Jose Division. In the consolidated complaint, Plaintiffs alleged that Adobe, along with Apple, Google, Intel, Intuit, Lucasfilm and Pixar, agreed not to recruit each other's employees in violation of Federal and state antitrust laws. Plaintiffs claim the alleged agreements suppressed employee compensation and deprived employees of career opportunities. Plaintiffs seek injunctive relief, monetary damages, treble damages, costs and attorneys fees. All defendants deny the allegations and that they engaged in any wrongdoing of any kind. On October 24, 2013, the court certified a class of all persons who worked in the technical, creative, and/or research and development fields on a salaried basis in the United States for one or more of the following: (a) Apple from March 2005 through December 2009; (b) Adobe from May 2005 through December 2009; (c) Google from March 2005 through December 2009; (d) Intel from March 2005 through December 2009; (e) Intuit from June 2007 through December 2009; (f) Lucasfilm from January 2005 through December 2009; or (g) Pixar from January 2005 through December 2009, excluding retail employees, corporate officers, members of the boards of directors, and senior executives of all defendants. During the first quarter of fiscal 2015, the parties reached another agreement to settle the litigation. On March 2015, the court granted preliminary approval of the settlement. The hearing for final approval is set for July 2015. We accrued a loss contingency of $10.0 million associated with this matter during the first quarter of fiscal 2014. If the settlement is approved, we expect to incur no additional losses associated with this matter. | |
In addition to intellectual property disputes, we are subject to legal proceedings, claims and investigations in the ordinary course of business, including claims relating to commercial, employment and other matters. Some of these disputes and legal proceedings may include speculative claims for substantial or indeterminate amounts of damages. We consider all claims on a quarterly basis in accordance with GAAP and based on known facts assess whether potential losses are considered reasonably possible, probable and estimable. Based upon this assessment, we then evaluate disclosure requirements and whether to accrue for such claims in our financial statements. This determination is then reviewed and discussed with our Audit Committee and our independent registered public accounting firm. | |
We make a provision for a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These provisions are reviewed at least quarterly and adjusted to reflect the impacts of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular case. Unless otherwise specifically disclosed in this note, we have determined that no provision for liability nor disclosure is required related to any claim against us because: (a) there is not a reasonable possibility that a loss exceeding amounts already recognized (if any) may be incurred with respect to such claim; (b) a reasonably possible loss or range of loss cannot be estimated; or (c) such estimate is immaterial. | |
All legal costs associated with litigation are expensed as incurred. Litigation is inherently unpredictable. However, we believe that we have valid defenses with respect to the legal matters pending against us. It is possible, nevertheless, that our consolidated financial position, cash flows or results of operations could be negatively affected by an unfavorable resolution of one or more of such proceedings, claims or investigations. | |
In connection with our anti-piracy efforts, conducted both internally and through organizations such as the Business Software Alliance, from time to time we undertake litigation against alleged copyright infringers. Such lawsuits may lead to counter-claims alleging improper use of litigation or violation of other laws. We believe we have valid defenses with respect to such counter-claims; however, it is possible that our consolidated financial position, cash flows or results of operations could be affected in any particular period by the resolution of one or more of these counter-claims. |
Debt
Debt | 3 Months Ended |
Feb. 27, 2015 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT |
Notes | |
In February 2010, we issued $600.0 million of 3.25% senior notes due February 1, 2015 (the “2015 Notes”) and $900.0 million of 4.75% senior notes due February 1, 2020 (the “2020 Notes”). Our proceeds were $1.5 billion and were net of an issuance discount of $6.6 million. In addition, we incurred issuance costs of $10.7 million. Both the discount and issuance costs are being amortized to interest expense over the respective terms of the 2015 and 2020 Notes using the effective interest method. The 2015 and 2020 Notes rank equally with our other unsecured and unsubordinated indebtedness. The effective interest rate including the discount, issuance costs and interest rate agreement is 3.45% for the 2015 Notes and 4.92% for the 2020 Notes. Interest is payable semi-annually, in arrears, on February 1 and August 1, and commenced on August 1, 2010. During the three months ended February 27, 2015, we made semi-annual interest payments on our 2015 and 2020 Notes totaling $31.1 million. | |
In June 2014, we entered into interest rate swaps with a total notional amount $900.0 million designated as a fair value hedge related to our 2020 Notes. The effect of such interest rate swaps is to effectively convert the fixed interest rate on our 2020 Notes to a floating interest rate based on the LIBOR plus a fixed number of basis points. Under the terms of the swap, we will pay monthly interest at the one-month LIBOR floating interest plus a spread of a fixed number of basis points on the $900.0 million notional amount. In exchange, we will receive 4.75% fixed rate interest from the swap counterparties. See Note 5 for further details regarding our interest rate swap derivatives. | |
In January 2015, we issued $1.0 billion of 3.25% senior notes due February 1, 2025 (the “2025 Notes”). Our proceeds were approximately $989.3 million which is net of an issuance discount of $10.7 million. In addition, we incurred issuance cost of $7.9 million. Both the discount and issuance costs are being amortized to interest expense over the respective terms of the 2025 Notes using the effective interest method. The 2025 Notes rank equally with our other unsecured and unsubordinated indebtedness. The effective interest rate including the discount, issuance costs and interest rate agreement is 3.67% for the 2025 Notes. Interest is payable semi-annually, in arrears on February 1 and August 1, commencing on August 1, 2015. A portion of the proceeds from this offering was used to repay $600.0 million in aggregate principal amount of the 2015 Notes plus accrued and unpaid interest due February 1, 2015. The remaining proceeds will be used for general corporate purposes. | |
In December 2014, in anticipation of issuing new long-term fixed rate debt, we entered into an interest rate lock agreement on a notional amount of $600.0 million to hedge against the variability of future interest payments due to changes in the benchmark interest rate. This instrument was designated as a cash flow hedge. See Note 5 for further details regarding our interest rate lock agreement. | |
As of February 27, 2015, our outstanding notes payable consists of the 2020 Notes and 2025 Notes (the “Notes”) with a total carrying value of $1.9 billion. Based on quoted prices in inactive markets, the fair value of the Notes was $2.0 billion as of February 27, 2015. The total fair value of $2.0 billion excludes the effect of fair value hedge of the 2020 Notes for which we entered into interest rate swaps as described above. | |
We may redeem the Notes at any time, subject to a make-whole premium. In addition, upon the occurrence of certain change of control triggering events, we may be required to repurchase the Notes, at a price equal to 101% of their principal amount, plus accrued and unpaid interest to the date of repurchase. The Notes also include covenants that limit our ability to grant liens on assets and to enter into sale and leaseback transactions, subject to significant allowances. As of February 27, 2015, we were in compliance with all of the covenants. | |
Credit Agreement | |
On March 2, 2012, we entered into a five-year $1.0 billion senior unsecured revolving credit agreement (the “Credit Agreement”), providing for loans to us and certain of our subsidiaries. Pursuant to the terms of the Credit Agreement, we may, subject to the agreement of the applicable lenders, request up to an additional $500.0 million in commitments, for a maximum aggregate commitment of $1.5 billion. Loans under the Credit Agreement will bear interest at either (i) LIBOR plus a margin, based on our debt ratings, ranging from 0.795% and 1.30% or (ii) the base rate, which is defined as the highest of (a) the agent’s prime rate, (b) the federal funds effective rate plus 0.50% or (c) LIBOR plus 1.00% plus a margin, based on our debt ratings, ranging from 0.00% to 0.30%. Commitment fees are payable quarterly at rates between 0.08% and 0.20% per year also based on our public debt ratings. Subject to certain conditions stated in the Credit Agreement, we and any of our subsidiaries designated as additional borrowers may borrow, prepay and re-borrow amounts under the revolving credit facility at any time during the term of the Credit Agreement. | |
The Credit Agreement contains customary representations, warranties, affirmative and negative covenants, including a financial covenant, events of default and indemnification provisions in favor of the lenders. The negative covenants include restrictions regarding the incurrence of liens and indebtedness, certain merger and acquisition transactions, dispositions and other matters, all subject to certain exceptions. The financial covenant, based on a quarterly financial test, requires us not to exceed a maximum leverage ratio. | |
On March 1, 2013, we exercised an option under the Credit Agreement to extend the maturity date of the Credit Agreement by one year to March 2, 2018. The facility will terminate and all amounts owing thereunder will be due and payable on the maturity date unless (a) the commitments are terminated earlier upon the occurrence of certain events, including an event of default, or (b) the maturity date is further extended upon our request, subject to the agreement of the lenders. | |
As of February 27, 2015, there were no outstanding borrowings under this Credit Agreement and we were in compliance with all covenants. |
NonOperating_Income_Expense
Non-Operating Income (Expense) | 3 Months Ended | |||||||
Feb. 27, 2015 | ||||||||
Other Income and Expenses [Abstract] | ||||||||
NON-OPERATING INCOME (EXPENSE) | NON-OPERATING INCOME (EXPENSE) | |||||||
Non-operating income (expense) for the three months ended February 27, 2015 and February 28, 2014 included the following (in thousands): | ||||||||
Three Months | ||||||||
2015 | 2014 | |||||||
Interest and other income (expense), net: | ||||||||
Interest income | $ | 6,288 | $ | 5,134 | ||||
Foreign exchange gains (losses) | (4,247 | ) | (2,803 | ) | ||||
Realized gains on fixed income investment | 967 | 670 | ||||||
Realized losses on fixed income investment | (40 | ) | (33 | ) | ||||
Other | 370 | 177 | ||||||
Interest and other income (expense), net | $ | 3,338 | $ | 3,145 | ||||
Interest expense | $ | (14,545 | ) | $ | (16,590 | ) | ||
Investment gains (losses), net: | ||||||||
Realized investment gains | $ | 1,695 | $ | 550 | ||||
Unrealized investment gains | — | 95 | ||||||
Realized investment losses | — | (1,054 | ) | |||||
Unrealized investment losses | (265 | ) | — | |||||
Investment gains (losses), net | $ | 1,430 | $ | (409 | ) | |||
Non-operating income (expense), net | $ | (9,777 | ) | $ | (13,854 | ) |
Segments
Segments | 3 Months Ended | |||||||||||||||
Feb. 27, 2015 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
SEGMENTS | SEGMENTS | |||||||||||||||
We report segment information based on the “management” approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of our reportable segments. | ||||||||||||||||
Our CEO, the chief operating decision maker, reviews revenue and gross margin information for each of our reportable segments, but does not review operating expenses on a segment by segment basis. In addition, with the exception of goodwill and intangible assets, we do not identify or allocate our assets by the reportable segments. | ||||||||||||||||
We have the following reportable segments: | ||||||||||||||||
• | Digital Media—Our Digital Media segment provides tools and solutions that enable individuals, small and medium businesses and enterprises to create, publish, promote and monetize their digital content anywhere. Our customers include traditional content creators, web application developers and digital media professionals, as well as their management in marketing departments and agencies, companies and publishers. Our customers also include knowledge workers who create, collaborate and distribute documents. | |||||||||||||||
• | Digital Marketing—Our Digital Marketing segment provides solutions and services for how digital advertising and marketing are created, managed, executed, measured and optimized. Our customers include digital marketers, advertisers, publishers, merchandisers, web analysts, chief marketing officers, chief information officers and chief revenue officers. | |||||||||||||||
• | Print and Publishing—Our Print and Publishing segment addresses market opportunities ranging from the diverse authoring and publishing needs of technical and business publishing to our legacy type and OEM printing businesses. | |||||||||||||||
Our segment results for the three months ended February 27, 2015 and February 28, 2014 were as follows (dollars in thousands): | ||||||||||||||||
Digital | Digital | Print and | Total | |||||||||||||
Media | Marketing | Publishing | ||||||||||||||
Three months ended February 27, 2015 | ||||||||||||||||
Revenue | $ | 702,773 | $ | 357,167 | $ | 49,241 | $ | 1,109,181 | ||||||||
Cost of revenue | 44,345 | 120,375 | 2,078 | 166,798 | ||||||||||||
Gross profit | $ | 658,428 | $ | 236,792 | $ | 47,163 | $ | 942,383 | ||||||||
Gross profit as a percentage of revenue | 94 | % | 66 | % | 96 | % | 85 | % | ||||||||
Three months ended February 28, 2014 | ||||||||||||||||
Revenue | $ | 641,103 | $ | 314,431 | $ | 44,586 | $ | 1,000,120 | ||||||||
Cost of revenue | 38,087 | 108,017 | 2,405 | 148,509 | ||||||||||||
Gross profit | $ | 603,016 | $ | 206,414 | $ | 42,181 | $ | 851,611 | ||||||||
Gross profit as a percentage of revenue | 94 | % | 66 | % | 95 | % | 85 | % |
Cash_Cash_Equivalents_and_Shor1
Cash, Cash Equivalents and Short-Term Investments (Tables) | 3 Months Ended | |||||||||||||||
Feb. 27, 2015 | ||||||||||||||||
Cash, Cash Equivalents, and Short-term Investments [Abstract] | ||||||||||||||||
Cash Cash Equivalents and Short term Investments | Cash, cash equivalents and short-term investments consisted of the following as of February 27, 2015 (in thousands): | |||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||||
Current assets: | ||||||||||||||||
Cash | $ | 196,164 | $ | — | $ | — | $ | 196,164 | ||||||||
Cash equivalents: | ||||||||||||||||
Money market mutual funds | 507,132 | — | — | 507,132 | ||||||||||||
Time deposits | 9,588 | — | — | 9,588 | ||||||||||||
Total cash equivalents | 516,720 | — | — | 516,720 | ||||||||||||
Total cash and cash equivalents | 712,884 | — | — | 712,884 | ||||||||||||
Short-term fixed income securities: | ||||||||||||||||
Corporate bonds and commercial paper | 1,531,568 | 5,586 | (822 | ) | 1,536,332 | |||||||||||
Asset-backed securities | 42,831 | 28 | (8 | ) | 42,851 | |||||||||||
Municipal securities | 169,711 | 345 | (11 | ) | 170,045 | |||||||||||
U.S. agency securities | 355,811 | 608 | (83 | ) | 356,336 | |||||||||||
U.S. Treasury securities | 358,063 | 404 | (95 | ) | 358,372 | |||||||||||
Total short-term investments | 2,457,984 | 6,971 | (1,019 | ) | 2,463,936 | |||||||||||
Total cash, cash equivalents and short-term investments | $ | 3,170,868 | $ | 6,971 | $ | (1,019 | ) | $ | 3,176,820 | |||||||
Cash, cash equivalents and short-term investments consisted of the following as of November 28, 2014 (in thousands): | ||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||||
Current assets: | ||||||||||||||||
Cash | $ | 348,283 | $ | — | $ | — | $ | 348,283 | ||||||||
Cash equivalents: | ||||||||||||||||
Money market mutual funds | 705,978 | — | — | 705,978 | ||||||||||||
Time deposits | 63,139 | — | — | 63,139 | ||||||||||||
Total cash equivalents | 769,117 | — | — | 769,117 | ||||||||||||
Total cash and cash equivalents | 1,117,400 | — | — | 1,117,400 | ||||||||||||
Short-term fixed income securities: | ||||||||||||||||
Corporate bonds and commercial paper | 1,514,632 | 5,253 | (509 | ) | 1,519,376 | |||||||||||
Foreign government securities | 4,499 | 12 | — | 4,511 | ||||||||||||
Municipal securities | 174,775 | 438 | (12 | ) | 175,201 | |||||||||||
U.S. agency securities | 497,154 | 1,295 | (64 | ) | 498,385 | |||||||||||
U.S. Treasury securities | 423,075 | 1,080 | (28 | ) | 424,127 | |||||||||||
Subtotal | 2,614,135 | 8,078 | (613 | ) | 2,621,600 | |||||||||||
Marketable equity securities | 153 | 338 | — | 491 | ||||||||||||
Total short-term investments | 2,614,288 | 8,416 | (613 | ) | 2,622,091 | |||||||||||
Total cash, cash equivalents and short-term investments | $ | 3,731,688 | $ | 8,416 | $ | (613 | ) | $ | 3,739,491 | |||||||
Continuous Unrealized Loss Position Less Than Twelve Months Related to Available-for-Sale Securities | The following table summarizes the fair value and gross unrealized losses related to available-for-sale securities, aggregated by investment category, that have been in an unrealized loss position for less than twelve months, as of February 27, 2015 and November 28, 2014 (in thousands): | |||||||||||||||
2015 | 2014 | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
Corporate bonds and commercial paper | $ | 370,130 | $ | (762 | ) | $ | 291,890 | $ | (443 | ) | ||||||
Municipal securities | 17,313 | (11 | ) | 21,759 | (12 | ) | ||||||||||
U.S. Treasury and agency securities | 185,524 | (173 | ) | 43,507 | (64 | ) | ||||||||||
Asset-backed securities | 12,550 | (8 | ) | — | — | |||||||||||
Total | $ | 585,517 | $ | (954 | ) | $ | 357,156 | $ | (519 | ) | ||||||
Continuous Unrealized Loss Position Twelve Months or Longer Related to Available-for-Sale-Securities | The following table summarizes the fair value and gross unrealized losses related to available-for-sale securities, aggregated by investment category, that were in a continuous unrealized loss position for more than twelve months, as of February 27, 2015 and November 28, 2014 (in thousands): | |||||||||||||||
2015 | 2014 | |||||||||||||||
Fair | Gross | Fair | Gross | |||||||||||||
Value | Unrealized | Value | Unrealized | |||||||||||||
Losses | Losses | |||||||||||||||
Corporate bonds and commercial paper | $ | 6,890 | $ | (60 | ) | $ | 8,636 | $ | (66 | ) | ||||||
U.S. Treasury and agency securities | 648 | (5 | ) | 5,884 | (28 | ) | ||||||||||
Total | $ | 7,538 | $ | (65 | ) | $ | 14,520 | $ | (94 | ) | ||||||
Cost and Estimated Fair Value of Debt Securities | The following table summarizes the cost and estimated fair value of short-term fixed income securities classified as short-term investments based on stated effective maturities as of February 27, 2015 (in thousands): | |||||||||||||||
Amortized | Estimated | |||||||||||||||
Cost | Fair Value | |||||||||||||||
Due within one year | $ | 604,410 | $ | 605,226 | ||||||||||||
Due between one and two years | 915,217 | 917,464 | ||||||||||||||
Due between two and three years | 705,725 | 707,533 | ||||||||||||||
Due after three years | 232,632 | 233,713 | ||||||||||||||
Total | $ | 2,457,984 | $ | 2,463,936 | ||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Feb. 27, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Financial assets and liabilities at fair value on a recurring basis | The fair value of our financial assets and liabilities at February 27, 2015 was determined using the following inputs (in thousands): | |||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Quoted Prices | Significant | Significant | ||||||||||||||
in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | |||||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Money market mutual funds | $ | 507,132 | $ | 507,132 | $ | — | $ | — | ||||||||
Time deposits | 9,588 | 9,588 | — | — | ||||||||||||
Short-term investments: | ||||||||||||||||
Corporate bonds and commercial paper | 1,536,332 | — | 1,536,332 | — | ||||||||||||
Asset-backed securities | 42,851 | — | 42,851 | — | ||||||||||||
Municipal securities | 170,045 | — | 170,045 | — | ||||||||||||
U.S. agency securities | 356,336 | — | 356,336 | — | ||||||||||||
U.S. Treasury securities | 358,372 | — | 358,372 | — | ||||||||||||
Prepaid expenses and other current assets: | ||||||||||||||||
Foreign currency derivatives | 30,418 | — | 30,418 | — | ||||||||||||
Other assets: | ||||||||||||||||
Deferred compensation plan assets | 29,840 | 558 | 29,282 | — | ||||||||||||
Interest rate swap derivatives | 15,244 | — | 15,244 | — | ||||||||||||
Total assets | $ | 3,056,158 | $ | 517,278 | $ | 2,538,880 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Accrued expenses: | ||||||||||||||||
Foreign currency derivatives | $ | 2,118 | $ | — | $ | 2,118 | $ | — | ||||||||
Total liabilities | $ | 2,118 | $ | — | $ | 2,118 | $ | — | ||||||||
The fair value of our financial assets and liabilities at November 28, 2014 was determined using the following inputs (in thousands): | ||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Quoted Prices | Significant | Significant | ||||||||||||||
in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | |||||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Money market mutual funds | $ | 705,978 | $ | 705,978 | $ | — | $ | — | ||||||||
Time deposits | 63,139 | 63,139 | — | — | ||||||||||||
Short-term investments: | ||||||||||||||||
Corporate bonds and commercial paper | 1,519,376 | — | 1,519,376 | — | ||||||||||||
Foreign government securities | 4,511 | — | 4,511 | — | ||||||||||||
Marketable equity securities | 491 | 491 | — | — | ||||||||||||
Municipal securities | 175,201 | — | 175,201 | — | ||||||||||||
U.S. agency securities | 498,385 | — | 498,385 | — | ||||||||||||
U.S. Treasury securities | 424,127 | — | 424,127 | — | ||||||||||||
Prepaid expenses and other current assets: | ||||||||||||||||
Foreign currency derivatives | 32,991 | — | 32,991 | — | ||||||||||||
Other assets: | ||||||||||||||||
Deferred compensation plan assets | 25,745 | 549 | 25,196 | — | ||||||||||||
Interest rate swap derivatives | 14,268 | — | 14,268 | — | ||||||||||||
Total assets | $ | 3,464,212 | $ | 770,157 | $ | 2,694,055 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Accrued expenses: | ||||||||||||||||
Foreign currency derivatives | $ | 663 | $ | — | $ | 663 | $ | — | ||||||||
Total liabilities | $ | 663 | $ | — | $ | 663 | $ | — | ||||||||
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities (Tables) | 3 Months Ended | |||||||||||||||
Feb. 27, 2015 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||
Fair Value of Derivative Instruments | The fair value of derivative instruments on our Condensed Consolidated Balance Sheets as of February 27, 2015 and November 28, 2014 were as follows (in thousands): | |||||||||||||||
2015 | 2014 | |||||||||||||||
Fair Value | Fair Value | Fair Value | Fair Value | |||||||||||||
Asset | Liability | Asset | Liability | |||||||||||||
Derivatives | Derivatives | Derivatives | Derivatives | |||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||
Foreign exchange option contracts(1) (3) | $ | 29,546 | $ | — | $ | 31,275 | $ | — | ||||||||
Interest rate swap (2) | 15,244 | — | 14,268 | — | ||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||
Foreign exchange forward contracts (1) | 872 | 2,118 | 1,716 | 663 | ||||||||||||
Total derivatives | $ | 45,662 | $ | 2,118 | $ | 47,259 | $ | 663 | ||||||||
_________________________________________ | ||||||||||||||||
(1) | Included in prepaid expenses and other current assets and accrued expenses for asset derivatives and liability derivatives, respectively, on our Condensed Consolidated Balance Sheets. | |||||||||||||||
(2) | Included in other assets or other liabilities on our Condensed Consolidated Balance Sheets. | |||||||||||||||
(3) | Hedging effectiveness expected to be recognized into income within the next twelve months. | |||||||||||||||
Effect of Derivative Instruments as Designated Cash Flow Hedges and Not Designated as Hedges | The effect of foreign currency derivative instruments designated as cash flow hedges and of foreign currency derivative instruments not designated as hedges in our Condensed Consolidated Statements of Income for the three months ended February 27, 2015 and February 28, 2014 were as follows (in thousands): | |||||||||||||||
2015 | 2014 | |||||||||||||||
Foreign | Foreign | Foreign | Foreign | |||||||||||||
Exchange | Exchange | Exchange | Exchange | |||||||||||||
Option | Forward | Option | Forward | |||||||||||||
Contracts | Contracts | Contracts | Contracts | |||||||||||||
Derivatives in cash flow hedging relationships: | ||||||||||||||||
Net gain (loss) recognized in OCI, net of tax(1) | $ | 22,239 | $ | — | $ | (29 | ) | $ | — | |||||||
Net gain (loss) reclassified from accumulated | $ | 23,712 | $ | — | $ | 2,798 | $ | — | ||||||||
OCI into income, net of tax(2) | ||||||||||||||||
Net gain (loss) recognized in income(3) | $ | (2,935 | ) | $ | — | $ | (3,543 | ) | $ | — | ||||||
Derivatives not designated as hedging relationships: | ||||||||||||||||
Net gain (loss) recognized in income(4) | $ | — | $ | 2,070 | $ | — | $ | 1,235 | ||||||||
_________________________________________ | ||||||||||||||||
(1) | Net change in the fair value of the effective portion classified in other comprehensive income (“OCI”). | |||||||||||||||
(2) | Effective portion classified as revenue. | |||||||||||||||
(3) | Ineffective portion and amount excluded from effectiveness testing classified in interest and other income (expense), net. | |||||||||||||||
(4) | Classified in interest and other income (expense), net. |
Goodwill_and_Purchased_and_Oth1
Goodwill and Purchased and Other Intangibles (Tables) | 3 Months Ended | |||||||||||||||||||||||
Feb. 27, 2015 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Purchased and other intangible assets | Purchased and other intangible assets subject to amortization as of February 27, 2015 and November 28, 2014 were as follows (in thousands): | |||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
Cost | Accumulated Amortization | Net | Cost | Accumulated Amortization | Net | |||||||||||||||||||
Purchased technology | $ | 409,114 | $ | (279,237 | ) | $ | 129,877 | $ | 405,208 | $ | (264,697 | ) | $ | 140,511 | ||||||||||
Customer contracts and relationships | $ | 513,836 | $ | (153,062 | ) | $ | 360,774 | $ | 376,994 | $ | (143,330 | ) | $ | 233,664 | ||||||||||
Trademarks | 90,067 | (38,637 | ) | 51,430 | 67,268 | (36,516 | ) | 30,752 | ||||||||||||||||
Acquired rights to use technology | 149,825 | (91,573 | ) | 58,252 | 148,836 | (86,258 | ) | 62,578 | ||||||||||||||||
Localization | 614 | (197 | ) | 417 | 549 | (382 | ) | 167 | ||||||||||||||||
Other intangibles | 30,535 | (1,968 | ) | 28,567 | 3,163 | (1,173 | ) | 1,990 | ||||||||||||||||
Total other intangible assets | $ | 784,877 | $ | (285,437 | ) | $ | 499,440 | $ | 596,810 | $ | (267,659 | ) | $ | 329,151 | ||||||||||
Purchased and other intangible assets, net | $ | 1,193,991 | $ | (564,674 | ) | $ | 629,317 | $ | 1,002,018 | $ | (532,356 | ) | $ | 469,662 | ||||||||||
Amortization expense in future periods | As of February 27, 2015, we expect amortization expense in future periods to be as follows (in thousands): | |||||||||||||||||||||||
Fiscal Year | Purchased | Other Intangible | ||||||||||||||||||||||
Technology | Assets | |||||||||||||||||||||||
Remainder of 2015 | $ | 48,034 | $ | 85,315 | ||||||||||||||||||||
2016 | 28,789 | 107,765 | ||||||||||||||||||||||
2017 | 21,384 | 98,011 | ||||||||||||||||||||||
2018 | 14,345 | 87,345 | ||||||||||||||||||||||
2019 | 7,364 | 60,515 | ||||||||||||||||||||||
Thereafter | 9,961 | 60,489 | ||||||||||||||||||||||
Total expected amortization expense | $ | 129,877 | $ | 499,440 | ||||||||||||||||||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 3 Months Ended | |||||||
Feb. 27, 2015 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Accrued Expenses | Accrued expenses as of February 27, 2015 and November 28, 2014 consisted of the following (in thousands): | |||||||
2015 | 2014 | |||||||
Accrued compensation and benefits | $ | 221,137 | $ | 320,679 | ||||
Sales and marketing allowances | 64,348 | 75,627 | ||||||
Accrued corporate marketing | 30,061 | 28,369 | ||||||
Taxes payable | 22,157 | 24,658 | ||||||
Royalties payable | 15,094 | 15,073 | ||||||
Accrued interest expense | 8,163 | 22,621 | ||||||
Other | 203,251 | 196,839 | ||||||
Accrued expenses | $ | 564,211 | $ | 683,866 | ||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||
Feb. 27, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Restricted Stock Unit Activity | Restricted stock unit activity for the three months ended February 27, 2015 and the fiscal year ended November 28, 2014 was as follows (in thousands): | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Beginning outstanding balance | 13,564 | 17,948 | |||||||||||||||
Awarded | 2,915 | 4,413 | |||||||||||||||
Released | (5,226 | ) | (7,502 | ) | |||||||||||||
Forfeited | (251 | ) | (1,295 | ) | |||||||||||||
Ending outstanding balance | 11,002 | 13,564 | |||||||||||||||
Restricted Stock Units Outstanding | Information regarding restricted stock units outstanding at February 27, 2015 and February 28, 2014 is summarized below: | ||||||||||||||||
Number of | Weighted | Aggregate | |||||||||||||||
Shares | Average | Intrinsic | |||||||||||||||
(thousands) | Remaining | Value(*) | |||||||||||||||
Contractual | (millions) | ||||||||||||||||
Life | |||||||||||||||||
(years) | |||||||||||||||||
2015 | |||||||||||||||||
Restricted stock units outstanding | 11,002 | 1.39 | $ | 870.2 | |||||||||||||
Restricted stock units vested and expected to vest | 9,557 | 1.33 | $ | 746.7 | |||||||||||||
2014 | |||||||||||||||||
Restricted stock units outstanding | 15,044 | 1.45 | $ | 1,032.50 | |||||||||||||
Restricted stock units vested and expected to vest | 13,177 | 1.39 | $ | 899 | |||||||||||||
_________________________________________ | |||||||||||||||||
(*) | The intrinsic value is calculated as the market value as of the end of the fiscal period. As reported by the NASDAQ Global Select Market, the market values as of February 27, 2015 and February 28, 2014 were $79.10 and $68.63, respectively. | ||||||||||||||||
Performance Share Activity 2013 & 2014 Programs | The following table sets forth the summary of performance share activity under our 2013, 2014, and 2015 Performance Share Programs for the three months ended February 27, 2015 and the fiscal year ended November 28, 2014 (in thousands): | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Shares | Maximum | Shares | Maximum | ||||||||||||||
Granted | Shares Eligible | Granted | Shares Eligible | ||||||||||||||
to Receive | to Receive | ||||||||||||||||
Beginning outstanding balance | 1,517 | 3,034 | 854 | 1,707 | |||||||||||||
Awarded | 671 | 1,342 | 709 | 1,417 | |||||||||||||
Forfeited | (37 | ) | (74 | ) | (46 | ) | (90 | ) | |||||||||
Ending outstanding balance | 2,151 | 4,302 | 1,517 | 3,034 | |||||||||||||
Performance Share Activity 2010, 2011 & 2012 Programs | The following table sets forth the summary of performance share activity under our performance share programs prior to fiscal 2013, based upon share awards actually achieved, for the three months ended February 27, 2015 and the fiscal year ended November 28, 2014 (in thousands): | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Beginning outstanding balance | 354 | 861 | |||||||||||||||
Released | (354 | ) | (486 | ) | |||||||||||||
Forfeited | — | (21 | ) | ||||||||||||||
Ending outstanding balance | — | 354 | |||||||||||||||
Performance Shares Outstanding | Information regarding performance shares outstanding at February 28, 2014 is summarized below: | ||||||||||||||||
Number of | Weighted | Aggregate | |||||||||||||||
Shares | Average | Intrinsic | |||||||||||||||
(thousands) | Remaining | Value(*) | |||||||||||||||
Contractual | (millions) | ||||||||||||||||
Life | |||||||||||||||||
(years) | |||||||||||||||||
Performance shares outstanding | 365 | 0.9 | $ | 25.1 | |||||||||||||
Performance shares vested and expected to vest | 336 | 0.9 | $ | 22.9 | |||||||||||||
_________________________________________ | |||||||||||||||||
(*) | The intrinsic value is calculated as the market value as of the end of the fiscal period. As reported by the NASDAQ Global Select Market, the market value as of February 28, 2014 was $68.63 | ||||||||||||||||
Stock Options Activity | Option activity for the three months ended February 27, 2015 and the fiscal year ended November 28, 2014 was as follows (in thousands): | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Beginning outstanding balance | 3,173 | 7,359 | |||||||||||||||
Exercised | (701 | ) | (4,055 | ) | |||||||||||||
Cancelled | (17 | ) | (153 | ) | |||||||||||||
Increase due to acquisition | — | 22 | |||||||||||||||
Ending outstanding balance | 2,455 | 3,173 | |||||||||||||||
Stock Options Outstanding | Information regarding stock options outstanding at February 27, 2015 and February 28, 2014 is summarized below: | ||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||
Shares | Average | Average | Intrinsic | ||||||||||||||
(thousands) | Exercise | Remaining | Value(*) | ||||||||||||||
Price | Contractual | (millions) | |||||||||||||||
Life | |||||||||||||||||
(years) | |||||||||||||||||
2015 | |||||||||||||||||
Options outstanding | 2,455 | $ | 28.87 | 3.03 | $ | 123.3 | |||||||||||
Options vested and expected to vest | 2,443 | $ | 28.95 | 3.01 | $ | 122.5 | |||||||||||
Options exercisable | 2,301 | $ | 29.9 | 2.78 | $ | 113.2 | |||||||||||
2014 | |||||||||||||||||
Options outstanding | 5,807 | $ | 29.46 | 3.21 | $ | 227.5 | |||||||||||
Options vested and expected to vest | 5,730 | $ | 29.57 | 3.18 | $ | 223.8 | |||||||||||
Options exercisable | 4,681 | $ | 30.64 | 2.73 | $ | 177.9 | |||||||||||
_________________________________________ | |||||||||||||||||
(*) | The intrinsic value is calculated as the difference between the market value as of the end of the fiscal period and the exercise price of the shares. As reported by the NASDAQ Global Select Market, the market values as of February 27, 2015 and February 28, 2014 were $79.10 and $68.63, respectively | ||||||||||||||||
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | The expected life of the employee stock purchase plan (“ESPP”) shares is the average of the remaining purchase periods under each offering period. The assumptions used to value employee stock purchase rights during the three months ended February 27, 2015 and February 28, 2014 were as follows: | ||||||||||||||||
Three Months | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Expected life (in years) | 0.5 - 2.0 | 0.5 - 2.0 | |||||||||||||||
Volatility | 27% - 30% | 27% - 28% | |||||||||||||||
Risk free interest rate | 0.12% - 0.67% | 0.09% - 0.39% | |||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | Total stock-based compensation costs that have been included in our Condensed Consolidated Statements of Income for the three months ended February 27, 2015 and February 28, 2014 were as follows (in thousands): | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Income Statement Classifications | Option | Restricted | Option | Restricted | |||||||||||||
Grants | Stock and | Grants | Stock and | ||||||||||||||
and Stock | Performance | and Stock | Performance | ||||||||||||||
Purchase | Share | Purchase | Share | ||||||||||||||
Rights | Awards | Rights | Awards | ||||||||||||||
Cost of revenue—subscription | $ | 441 | $ | 1,529 | $ | 461 | $ | 1,369 | |||||||||
Cost of revenue—services and support | 1,216 | 1,857 | 731 | 1,538 | |||||||||||||
Research and development | 4,056 | 26,705 | 4,257 | 26,557 | |||||||||||||
Sales and marketing | 4,598 | 27,285 | 4,763 | 25,731 | |||||||||||||
General and administrative | 1,463 | 16,761 | 1,786 | 15,595 | |||||||||||||
Total | $ | 11,774 | $ | 74,137 | $ | 11,998 | $ | 70,790 | |||||||||
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 3 Months Ended | |||||||||||||||||||
Feb. 27, 2015 | ||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||||||
Summary of Restructuring Plans | Summary of Restructuring Plans | |||||||||||||||||||
The following table sets forth a summary of restructuring activities related to all of our restructuring plans during the three months ended February 27, 2015 (in thousands): | ||||||||||||||||||||
November 28, | Costs | Cash | Other | February 27, | ||||||||||||||||
2014 | Incurred | Payments | Adjustments | 2015 | ||||||||||||||||
Fiscal 2014 Restructuring Plan: | ||||||||||||||||||||
Termination benefits | $ | 14,461 | $ | 420 | $ | (15,731 | ) | $ | 994 | $ | 144 | |||||||||
Cost of closing redundant facilities | 472 | — | (227 | ) | 133 | 378 | ||||||||||||||
Other Restructuring Plans: | ||||||||||||||||||||
Termination benefits | 537 | — | (4 | ) | (54 | ) | 479 | |||||||||||||
Cost of closing redundant facilities | 6,844 | — | (332 | ) | (438 | ) | 6,074 | |||||||||||||
Total restructuring plans | $ | 22,314 | $ | 420 | $ | (16,294 | ) | $ | 635 | $ | 7,075 | |||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | ||||||||||||||||
Feb. 27, 2015 | |||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||
Retained Earnings | The changes in retained earnings for the three months ended February 27, 2015 were as follows (in thousands): | ||||||||||||||||
Balance as of November 28, 2014 | $ | 6,924,294 | |||||||||||||||
Net income | 84,888 | ||||||||||||||||
Re-issuance of treasury stock | (252,379 | ) | |||||||||||||||
Balance as of February 27, 2015 | $ | 6,756,803 | |||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The components of accumulated other comprehensive income (loss) and activity, net of related taxes, as of February 27, 2015 were as follows (in thousands): | [1],[2] | |||||||||||||||
November 28, | Increase / Decrease | Reclassification Adjustments | February 27, | ||||||||||||||
2014 | 2015 | ||||||||||||||||
Net unrealized gains on available-for-sale securities: | |||||||||||||||||
Unrealized gains on available-for-sale securities | $ | 8,237 | $ | (370 | ) | $ | (967 | ) | $ | 6,900 | |||||||
Unrealized losses on available-for-sale securities | (609 | ) | (447 | ) | 40 | (1,016 | ) | ||||||||||
Total net unrealized gains on available-for-sale securities | 7,628 | (817 | ) | (927 | ) | (1) | 5,884 | ||||||||||
Net unrealized gains / losses on derivative instruments designated as hedging instruments | 28,655 | 12,296 | (23,712 | ) | (2) | 17,239 | |||||||||||
Cumulative foreign currency translation adjustments | (44,377 | ) | (82,556 | ) | — | (126,933 | ) | ||||||||||
Total accumulated other comprehensive income (loss), net of taxes | $ | (8,094 | ) | $ | (71,077 | ) | $ | (24,639 | ) | $ | (103,810 | ) | |||||
_________________________________________ | |||||||||||||||||
(1) | Reclassification adjustments for gains / losses on available-for-sale securities are classified in interest and other income (expense), net. | ||||||||||||||||
(2) | Reclassification adjustments for loss on the interest rate lock agreement and gains / losses on other derivative instruments are classified in interest and other income (expense), net and revenue, respectively. | ||||||||||||||||
Other Comprehensive Income, Tax [Table Text Block] | The following table sets forth the taxes related to each component of other comprehensive income (loss) for the three months ended February 27, 2015 and February 28, 2014 (in thousands): | [2] | |||||||||||||||
Three Months | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Available-for-sale securities: | |||||||||||||||||
Unrealized gains / losses | $ | (107 | ) | $ | (20 | ) | |||||||||||
Reclassification adjustments | — | (1 | ) | ||||||||||||||
Subtotal available-for-sale securities | (107 | ) | (21 | ) | |||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Unrealized gains / losses on derivative instruments* | 6,147 | — | |||||||||||||||
Reclassification adjustments* | (53 | ) | — | ||||||||||||||
Subtotal derivatives designated as hedging instruments | 6,094 | — | |||||||||||||||
Foreign currency translation adjustments | (2,095 | ) | 1 | ||||||||||||||
Total taxes, other comprehensive income (loss) | $ | 3,892 | $ | (20 | ) | ||||||||||||
_________________________________________ | |||||||||||||||||
(*) | Taxes related to derivative instruments other than the interest rate lock agreement were zero based on the tax jurisdiction where these derivative instruments were executed. | ||||||||||||||||
[1] | Reclassification adjustments for gains / losses on available-for-sale securities are classified in interest and other income (expense), net. | ||||||||||||||||
[2] | Reclassification adjustments for loss on the interest rate lock agreement and gains / losses on other derivative instruments are classified in interest and other income (expense), net and revenue, respectively. |
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 3 Months Ended | |||||||
Feb. 27, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Net Income Per Share | The following table sets forth the computation of basic and diluted net income per share for the three months ended February 27, 2015 and February 28, 2014 (in thousands, except per share data): | |||||||
Three Months | ||||||||
2015 | 2014 | |||||||
Net income | $ | 84,888 | $ | 47,046 | ||||
Shares used to compute basic net income per share | 498,754 | 496,948 | ||||||
Dilutive potential common shares: | ||||||||
Unvested restricted stock and performance share awards | 7,479 | 8,897 | ||||||
Stock options | 1,293 | 2,495 | ||||||
Shares used to compute diluted net income per share | 507,526 | 508,340 | ||||||
Basic net income per share | $ | 0.17 | $ | 0.09 | ||||
Diluted net income per share | $ | 0.17 | $ | 0.09 | ||||
NonOperating_Income_Expense_Ta
Non-Operating Income (Expense) (Tables) | 3 Months Ended | |||||||
Feb. 27, 2015 | ||||||||
Other Income and Expenses [Abstract] | ||||||||
Non-Operating Income (Expense) | Non-operating income (expense) for the three months ended February 27, 2015 and February 28, 2014 included the following (in thousands): | |||||||
Three Months | ||||||||
2015 | 2014 | |||||||
Interest and other income (expense), net: | ||||||||
Interest income | $ | 6,288 | $ | 5,134 | ||||
Foreign exchange gains (losses) | (4,247 | ) | (2,803 | ) | ||||
Realized gains on fixed income investment | 967 | 670 | ||||||
Realized losses on fixed income investment | (40 | ) | (33 | ) | ||||
Other | 370 | 177 | ||||||
Interest and other income (expense), net | $ | 3,338 | $ | 3,145 | ||||
Interest expense | $ | (14,545 | ) | $ | (16,590 | ) | ||
Investment gains (losses), net: | ||||||||
Realized investment gains | $ | 1,695 | $ | 550 | ||||
Unrealized investment gains | — | 95 | ||||||
Realized investment losses | — | (1,054 | ) | |||||
Unrealized investment losses | (265 | ) | — | |||||
Investment gains (losses), net | $ | 1,430 | $ | (409 | ) | |||
Non-operating income (expense), net | $ | (9,777 | ) | $ | (13,854 | ) |
Segments_Tables
Segments (Tables) | 3 Months Ended | |||||||||||||||
Feb. 27, 2015 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Segment Reporting | Our segment results for the three months ended February 27, 2015 and February 28, 2014 were as follows (dollars in thousands): | |||||||||||||||
Digital | Digital | Print and | Total | |||||||||||||
Media | Marketing | Publishing | ||||||||||||||
Three months ended February 27, 2015 | ||||||||||||||||
Revenue | $ | 702,773 | $ | 357,167 | $ | 49,241 | $ | 1,109,181 | ||||||||
Cost of revenue | 44,345 | 120,375 | 2,078 | 166,798 | ||||||||||||
Gross profit | $ | 658,428 | $ | 236,792 | $ | 47,163 | $ | 942,383 | ||||||||
Gross profit as a percentage of revenue | 94 | % | 66 | % | 96 | % | 85 | % | ||||||||
Three months ended February 28, 2014 | ||||||||||||||||
Revenue | $ | 641,103 | $ | 314,431 | $ | 44,586 | $ | 1,000,120 | ||||||||
Cost of revenue | 38,087 | 108,017 | 2,405 | 148,509 | ||||||||||||
Gross profit | $ | 603,016 | $ | 206,414 | $ | 42,181 | $ | 851,611 | ||||||||
Gross profit as a percentage of revenue | 94 | % | 66 | % | 95 | % | 85 | % |
Acquisitions_Details
Acquisitions (Details) (Fotolia [Member], USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Feb. 27, 2015 | Jan. 27, 2015 |
Fotolia [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination Purchase Price | $806.80 | |
Purchase price allocation, goodwill | 743.9 | |
Purchase price allocation, identifiable intangible assets | 209.2 | |
Purchase price allocation, net liabilities assumed | $146.30 |
Cash_Cash_Equivalents_and_Shor2
Cash, Cash Equivalents and Short-Term Investments (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Feb. 27, 2015 | Nov. 28, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $3,170,868 | $3,731,688 |
Unrealized Gains | 6,971 | 8,416 |
Unrealized Losses | -1,019 | -613 |
Estimated Fair Value, Total cash, cash equivalents and short-term investments | 3,176,820 | 3,739,491 |
Cash and cash equivalents [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 712,884 | 1,117,400 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value, cash and cash equivalents | 712,884 | 1,117,400 |
Cash [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 196,164 | 348,283 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value, cash and cash equivalents | 196,164 | 348,283 |
Cash equivalents [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 516,720 | 769,117 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value, cash and cash equivalents | 516,720 | 769,117 |
Cash equivalents [Member] | Money Market Funds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 507,132 | 705,978 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value, cash and cash equivalents | 507,132 | 705,978 |
Cash equivalents [Member] | Time deposits | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 9,588 | 63,139 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value, cash and cash equivalents | 9,588 | 63,139 |
Short-term investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,457,984 | 2,614,288 |
Unrealized Gains | 6,971 | 8,416 |
Unrealized Losses | -1,019 | -613 |
Estimated Fair Value, short-term investments | 2,463,936 | 2,622,091 |
Short-term investments [Member] | Marketable equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 153 | |
Unrealized Gains | 338 | |
Unrealized Losses | 0 | |
Estimated Fair Value, short-term investments | 491 | |
Short-term fixed income securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,614,135 | |
Unrealized Gains | 8,078 | |
Unrealized Losses | -613 | |
Estimated Fair Value, short-term investments | 2,621,600 | |
Short-term fixed income securities [Member] | Corporate bonds and commercial paper | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,531,568 | 1,514,632 |
Unrealized Gains | 5,586 | 5,253 |
Unrealized Losses | -822 | -509 |
Estimated Fair Value, short-term investments | 1,536,332 | 1,519,376 |
Short-term fixed income securities [Member] | Asset-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 42,831 | |
Unrealized Gains | 28 | |
Unrealized Losses | -8 | |
Estimated Fair Value, short-term investments | 42,851 | |
Short-term fixed income securities [Member] | Foreign government securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 4,499 | |
Unrealized Gains | 12 | |
Unrealized Losses | 0 | |
Estimated Fair Value, short-term investments | 4,511 | |
Short-term fixed income securities [Member] | Municipal securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 169,711 | 174,775 |
Unrealized Gains | 345 | 438 |
Unrealized Losses | -11 | -12 |
Estimated Fair Value, short-term investments | 170,045 | 175,201 |
Short-term fixed income securities [Member] | U.S. agency securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 355,811 | 497,154 |
Unrealized Gains | 608 | 1,295 |
Unrealized Losses | -83 | -64 |
Estimated Fair Value, short-term investments | 356,336 | 498,385 |
Short-term fixed income securities [Member] | U.S. Treasury securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 358,063 | 423,075 |
Unrealized Gains | 404 | 1,080 |
Unrealized Losses | -95 | -28 |
Estimated Fair Value, short-term investments | $358,372 | $424,127 |
Cash_Cash_Equivalents_and_Shor3
Cash, Cash Equivalents and Short-Term Investments (Details 1) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Feb. 27, 2015 | Nov. 28, 2014 |
securities | securities | |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities in a continuous unrealized loss position for more than twelve months, fair value | $7,538 | $14,520 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | -65 | -94 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 5 | 8 |
Fair Value and Gross Unrealized Losses Related to Available-For-Sale Securities [Abstract] | ||
Available-for-sale securities in a continuous unrealized loss position for less than twelve months, fair value | 585,517 | 357,156 |
Available-for-sale securities in a continuous unrealized loss position for less than twelve months, gross unrealized losses | -954 | -519 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 287 | 213 |
Corporate bonds and commercial paper | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities in a continuous unrealized loss position for more than twelve months, fair value | 6,890 | 8,636 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | -60 | -66 |
Fair Value and Gross Unrealized Losses Related to Available-For-Sale Securities [Abstract] | ||
Available-for-sale securities in a continuous unrealized loss position for less than twelve months, fair value | 370,130 | 291,890 |
Available-for-sale securities in a continuous unrealized loss position for less than twelve months, gross unrealized losses | -762 | -443 |
US Treasury and Government [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities in a continuous unrealized loss position for more than twelve months, fair value | 648 | 5,884 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | -5 | -28 |
Fair Value and Gross Unrealized Losses Related to Available-For-Sale Securities [Abstract] | ||
Available-for-sale securities in a continuous unrealized loss position for less than twelve months, fair value | 185,524 | 43,507 |
Available-for-sale securities in a continuous unrealized loss position for less than twelve months, gross unrealized losses | -173 | -64 |
Municipal securities | ||
Fair Value and Gross Unrealized Losses Related to Available-For-Sale Securities [Abstract] | ||
Available-for-sale securities in a continuous unrealized loss position for less than twelve months, fair value | 17,313 | 21,759 |
Available-for-sale securities in a continuous unrealized loss position for less than twelve months, gross unrealized losses | -11 | -12 |
Asset-backed securities | ||
Fair Value and Gross Unrealized Losses Related to Available-For-Sale Securities [Abstract] | ||
Available-for-sale securities in a continuous unrealized loss position for less than twelve months, fair value | 12,550 | 0 |
Available-for-sale securities in a continuous unrealized loss position for less than twelve months, gross unrealized losses | ($8) | $0 |
Cash_Cash_Equivalents_and_Shor4
Cash, Cash Equivalents and Short-Term Investments (Details 2) (USD $) | Feb. 27, 2015 |
In Thousands, unless otherwise specified | |
Amortized cost and Estimated Fair Value of Short-term fixed Income Securities [Abstract] | |
Due within one year, Amortized Cost | $604,410 |
Due between one and two years, Amortized Cost | 915,217 |
Due between two and three years, Amortized Cost | 705,725 |
Due after three years, Amortized Cost | 232,632 |
Total, Amortized Cost | 2,457,984 |
Due within one year, Estimated Fair value | 605,226 |
Due between one and two years, Estimated Fair value | 917,464 |
Due between two and three years, Estimated Fair value | 707,533 |
Due after three years, Estimated Fair value | 233,713 |
Total, Estimated Fair value | $2,463,936 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Feb. 27, 2015 | Feb. 28, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | $0 | |
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | 0 | |
Fair Value, Liabilities, Level 1 to Level 2 Transfers, Amount | 0 | |
Fair Value, Liabilities, Level 2 to Level 1 Transfers, Amount | 0 | |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $0 | $0 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 1) (Fair Value, Measurements, Recurring, USD $) | Feb. 27, 2015 | Nov. 28, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | $30,418 | $32,991 |
Deferred Compensation Plan Assets | 29,840 | 25,745 |
Interest Rate Derivative Assets, at Fair Value | 15,244 | 14,268 |
Assets, Fair Value Disclosure | 3,056,158 | 3,464,212 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 2,118 | 663 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 2,118 | 663 |
Corporate bonds and commercial paper | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Estimated Fair Value, short-term investments | 1,536,332 | 1,519,376 |
Foreign Government Debt Securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Estimated Fair Value, short-term investments | 4,511 | |
Asset-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Estimated Fair Value, short-term investments | 42,851 | |
Money Market Funds | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Estimated Fair Value, cash and cash equivalents | 507,132 | 705,978 |
Time deposits | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Estimated Fair Value, cash and cash equivalents | 9,588 | 63,139 |
U.S. agency securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Estimated Fair Value, short-term investments | 356,336 | 498,385 |
U.S. Treasury securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Estimated Fair Value, short-term investments | 358,372 | 424,127 |
Marketable equity securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Estimated Fair Value, short-term investments | 491 | |
Municipal securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Estimated Fair Value, short-term investments | 170,045 | 175,201 |
Fair Value, Inputs, Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | 0 |
Deferred Compensation Plan Assets | 558 | 549 |
Interest Rate Derivative Assets, at Fair Value | 0 | 0 |
Assets, Fair Value Disclosure | 517,278 | 770,157 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | 0 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 | Corporate bonds and commercial paper | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Estimated Fair Value, short-term investments | 0 | 0 |
Fair Value, Inputs, Level 1 | Foreign Government Debt Securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Estimated Fair Value, short-term investments | 0 | |
Fair Value, Inputs, Level 1 | Asset-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Estimated Fair Value, short-term investments | 0 | |
Fair Value, Inputs, Level 1 | Money Market Funds | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Estimated Fair Value, cash and cash equivalents | 507,132 | 705,978 |
Fair Value, Inputs, Level 1 | Time deposits | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Estimated Fair Value, cash and cash equivalents | 9,588 | 63,139 |
Fair Value, Inputs, Level 1 | U.S. agency securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Estimated Fair Value, short-term investments | 0 | 0 |
Fair Value, Inputs, Level 1 | U.S. Treasury securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Estimated Fair Value, short-term investments | 0 | 0 |
Fair Value, Inputs, Level 1 | Marketable equity securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Estimated Fair Value, short-term investments | 491 | |
Fair Value, Inputs, Level 1 | Municipal securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Estimated Fair Value, short-term investments | 0 | 0 |
Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 30,418 | 32,991 |
Deferred Compensation Plan Assets | 29,282 | 25,196 |
Interest Rate Derivative Assets, at Fair Value | 15,244 | 14,268 |
Assets, Fair Value Disclosure | 2,538,880 | 2,694,055 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 2,118 | 663 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 2,118 | 663 |
Fair Value, Inputs, Level 2 | Corporate bonds and commercial paper | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Estimated Fair Value, short-term investments | 1,536,332 | 1,519,376 |
Fair Value, Inputs, Level 2 | Foreign Government Debt Securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Estimated Fair Value, short-term investments | 4,511 | |
Fair Value, Inputs, Level 2 | Asset-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Estimated Fair Value, short-term investments | 42,851 | |
Fair Value, Inputs, Level 2 | Money Market Funds | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Estimated Fair Value, cash and cash equivalents | 0 | 0 |
Fair Value, Inputs, Level 2 | Time deposits | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Estimated Fair Value, cash and cash equivalents | 0 | 0 |
Fair Value, Inputs, Level 2 | U.S. agency securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Estimated Fair Value, short-term investments | 356,336 | 498,385 |
Fair Value, Inputs, Level 2 | U.S. Treasury securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Estimated Fair Value, short-term investments | 358,372 | 424,127 |
Fair Value, Inputs, Level 2 | Marketable equity securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Estimated Fair Value, short-term investments | 0 | |
Fair Value, Inputs, Level 2 | Municipal securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Estimated Fair Value, short-term investments | 170,045 | 175,201 |
Fair Value, Inputs, Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | 0 |
Deferred Compensation Plan Assets | 0 | 0 |
Interest Rate Derivative Assets, at Fair Value | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | 0 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 | Corporate bonds and commercial paper | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Estimated Fair Value, short-term investments | 0 | 0 |
Fair Value, Inputs, Level 3 | Foreign Government Debt Securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Estimated Fair Value, short-term investments | 0 | |
Fair Value, Inputs, Level 3 | Asset-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Estimated Fair Value, short-term investments | 0 | |
Fair Value, Inputs, Level 3 | Money Market Funds | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Estimated Fair Value, cash and cash equivalents | 0 | 0 |
Fair Value, Inputs, Level 3 | Time deposits | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Estimated Fair Value, cash and cash equivalents | 0 | 0 |
Fair Value, Inputs, Level 3 | U.S. agency securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Estimated Fair Value, short-term investments | 0 | 0 |
Fair Value, Inputs, Level 3 | U.S. Treasury securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Estimated Fair Value, short-term investments | 0 | 0 |
Fair Value, Inputs, Level 3 | Marketable equity securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Estimated Fair Value, short-term investments | 0 | |
Fair Value, Inputs, Level 3 | Municipal securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Estimated Fair Value, short-term investments | $0 | $0 |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 2) (Notes 2020 and 2025 [Member], USD $) | Feb. 27, 2015 |
In Billions, unless otherwise specified | |
Notes 2020 and 2025 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Debt Instrument, Fair Value Disclosure | $2 |
Derivatives_and_Hedging_Activi2
Derivatives and Hedging Activities (Details) (USD $) | 3 Months Ended | |||||||
Feb. 27, 2015 | Nov. 28, 2014 | Jan. 21, 2015 | Feb. 28, 2010 | Dec. 17, 2014 | Jun. 13, 2014 | |||
Derivative, Fair Value, Net [Abstract] | ||||||||
Fair value asset derivatives | $45,662,000 | $47,259,000 | ||||||
Fair value liability derivatives | 2,118,000 | 663,000 | ||||||
Derivatives designated as hedging instruments [Member] | Foreign Exchange Option Contracts [Member] | ||||||||
Derivative, Fair Value, Net [Abstract] | ||||||||
Fair value asset derivatives | 29,546,000 | [1],[2] | 31,275,000 | [1],[2] | ||||
Fair value liability derivatives | 0 | [1],[2] | 0 | [1],[2] | ||||
Derivatives designated as hedging instruments [Member] | Interest Rate Swap [Member] | ||||||||
Derivative, Fair Value, Net [Abstract] | ||||||||
Fair value asset derivatives | 15,244,000 | [3] | 14,268,000 | [3] | ||||
Fair value liability derivatives | 0 | [3] | 0 | [3] | ||||
Derivatives not designated as hedging instruments [Member] | Foreign Exchange Forward Contracts [Member] | ||||||||
Derivative, Fair Value, Net [Abstract] | ||||||||
Fair value asset derivatives | 872,000 | [1] | 1,716,000 | [1] | ||||
Fair value liability derivatives | 2,118,000 | [1] | 663,000 | [1] | ||||
Notes 2025 [Member] | ||||||||
Derivative, Fair Value, Net [Abstract] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | |||||||
Senior Notes | 1,000,000,000 | |||||||
Notes 2020 [Member] | ||||||||
Derivative, Fair Value, Net [Abstract] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | |||||||
Senior Notes | 900,000,000 | |||||||
Cash Flow Hedging [Member] | ||||||||
Derivative, Fair Value, Net [Abstract] | ||||||||
Derivative, Notional Amount | 600,000,000 | |||||||
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | 16,200,000 | |||||||
Fair Value Hedging [Member] | ||||||||
Derivative, Fair Value, Net [Abstract] | ||||||||
Derivative, Notional Amount | $900,000,000 | |||||||
Derivative, Fixed Interest Rate | 4.75% | |||||||
[1] | Included in prepaid expenses and other current assets and accrued expenses for asset derivatives and liability derivatives, respectively, on our Condensed Consolidated Balance Sheets. | |||||||
[2] | Hedging effectiveness expected to be recognized into income within the next twelve months. | |||||||
[3] | Included in other assets or other liabilities on our Condensed Consolidated Balance Sheets. |
Derivatives_and_Hedging_Activi3
Derivatives and Hedging Activities (Details 1) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Feb. 27, 2015 | Feb. 28, 2014 | ||
Foreign Exchange Option Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $0 | [1] | $0 | [1] |
Foreign Exchange Forward Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 2,070 | [1] | 1,235 | [1] |
Cash Flow Hedging [Member] | Foreign Exchange Option Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 22,239 | [2] | -29 | [2] |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 23,712 | [3] | 2,798 | [3] |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | -2,935 | [4] | -3,543 | [4] |
Cash Flow Hedging [Member] | Foreign Exchange Forward Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 0 | [2] | 0 | [2] |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | [3] | 0 | [3] |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $0 | [4] | $0 | [4] |
[1] | Classified in interest and other income (expense), net. | |||
[2] | Net change in the fair value of the effective portion classified in other comprehensive income (bOCIb). | |||
[3] | Effective portion classified as revenue. | |||
[4] | Ineffective portion and amount excluded from effectiveness testing classified in interest and other income (expense), net. |
Goodwill_and_Purchased_and_Oth2
Goodwill and Purchased and Other Intangibles (Details) (USD $) | Feb. 27, 2015 | Nov. 28, 2014 | |
In Thousands, unless otherwise specified | |||
Finite-Lived Intangible Assets [Line Items] | |||
Cost | $1,193,991 | $1,002,018 | |
Accumulated Amortization | -564,674 | -532,356 | |
Net | 629,317 | 469,662 | [1] |
Purchased technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Cost | 409,114 | 405,208 | |
Accumulated Amortization | -279,237 | -264,697 | |
Net | 129,877 | 140,511 | |
Other intangible assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Cost | 784,877 | 596,810 | |
Accumulated Amortization | -285,437 | -267,659 | |
Net | 499,440 | 329,151 | |
Customer contracts and relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Cost | 513,836 | 376,994 | |
Accumulated Amortization | -153,062 | -143,330 | |
Net | 360,774 | 233,664 | |
Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Cost | 90,067 | 67,268 | |
Accumulated Amortization | -38,637 | -36,516 | |
Net | 51,430 | 30,752 | |
Acquired rights to use technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Cost | 149,825 | 148,836 | |
Accumulated Amortization | -91,573 | -86,258 | |
Net | 58,252 | 62,578 | |
Localization [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Cost | 614 | 549 | |
Accumulated Amortization | -197 | -382 | |
Net | 417 | 167 | |
Other intangibles [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Cost | 30,535 | 3,163 | |
Accumulated Amortization | -1,968 | -1,173 | |
Net | $28,567 | $1,990 | |
[1] | The Condensed Consolidated Balance Sheet as of November 28, 2014 has been derived from the audited Consolidated Financial Statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. |
Goodwill_and_Purchased_and_Oth3
Goodwill and Purchased and Other Intangibles (Details 1) (USD $) | Feb. 27, 2015 |
In Thousands, unless otherwise specified | |
Purchased technology [Member] | |
Amortization Expense in Future Periods [Abstract] | |
Remainder of 2015 | $48,034 |
2016 | 28,789 |
2017 | 21,384 |
2018 | 14,345 |
2019 | 7,364 |
Thereafter | 9,961 |
Total expected amortization expense | 129,877 |
Other intangible assets [Member] | |
Amortization Expense in Future Periods [Abstract] | |
Remainder of 2015 | 85,315 |
2016 | 107,765 |
2017 | 98,011 |
2018 | 87,345 |
2019 | 60,515 |
Thereafter | 60,489 |
Total expected amortization expense | $499,440 |
Goodwill_and_Purchased_and_Oth4
Goodwill and Purchased and Other Intangibles (Details Numeric) (USD $) | 3 Months Ended | |||
Feb. 27, 2015 | Feb. 28, 2014 | Nov. 28, 2014 | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill | $5,396,174,000 | $4,721,962,000 | [1] | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of purchased and other intangible assets | 39,500,000 | 38,400,000 | ||
Amortization expense included in cost of sales | $24,900,000 | $24,900,000 | ||
[1] | The Condensed Consolidated Balance Sheet as of November 28, 2014 has been derived from the audited Consolidated Financial Statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | Feb. 27, 2015 | Nov. 28, 2014 | |
In Thousands, unless otherwise specified | |||
Accrued Expense [Abstract] | |||
Accrued compensation and benefits | $221,137 | $320,679 | |
Sales and marketing allowances | 64,348 | 75,627 | |
Accrued corporate marketing | 30,061 | 28,369 | |
Taxes payable | 22,157 | 24,658 | |
Royalties payble | 15,094 | 15,073 | |
Accrued interest expense | 8,163 | 22,621 | |
Other | 203,251 | 196,839 | |
Accrued expenses | $564,211 | $683,866 | [1] |
[1] | The Condensed Consolidated Balance Sheet as of November 28, 2014 has been derived from the audited Consolidated Financial Statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Feb. 27, 2015 | Nov. 28, 2014 | Feb. 28, 2014 |
Restricted Stock Unit [Member] | |||
Restricted Stock and Performance Shares Activity | |||
Beginning outstanding balance | 13,564 | 17,948 | 15,044 |
Awarded, Shares | 2,915 | 4,413 | |
Released, Shares | -5,226 | -7,502 | |
Forfeited, Shares | -251 | -1,295 | |
Ending outstanding balance | 11,002 | 13,564 | 15,044 |
Performance Shares [Member] | 2013, 2014, & 2015 Performance Share Programs - Not Achieved [Member] | Shares Granted [Member] | |||
Restricted Stock and Performance Shares Activity | |||
Beginning outstanding balance | 1,517 | 854 | |
Awarded, Shares | 671 | 709 | |
Forfeited, Shares | -37 | -46 | |
Ending outstanding balance | 2,151 | 1,517 | |
Performance Shares [Member] | 2013, 2014, & 2015 Performance Share Programs - Not Achieved [Member] | Maximum Shares Eligible to Receive [Member] | |||
Restricted Stock and Performance Shares Activity | |||
Beginning outstanding balance | 3,034 | 1,707 | |
Awarded, Shares | 1,342 | 1,417 | |
Forfeited, Shares | -74 | -90 | |
Ending outstanding balance | 4,302 | 3,034 | |
Performance Shares [Member] | Other Performance Share Programs - Achieved [Member] [Domain] | |||
Restricted Stock and Performance Shares Activity | |||
Beginning outstanding balance | 354 | 861 | 365 |
Released, Shares | -354 | -486 | |
Forfeited, Shares | 0 | -21 | |
Ending outstanding balance | 0 | 354 | 365 |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details 1) (USD $) | 3 Months Ended | |||||
In Millions, except Share data in Thousands, unless otherwise specified | Feb. 27, 2015 | Feb. 28, 2014 | Nov. 28, 2014 | Nov. 29, 2013 | ||
Performance shares & restricted stock units outstanding | ||||||
Share Price | $79.10 | $68.63 | ||||
Performance Shares [Member] | Other Performance Share Programs - Achieved [Member] [Domain] | ||||||
Performance shares & restricted stock units outstanding | ||||||
Number of shares outstanding | 0 | 365 | 354 | 861 | ||
Outstanding weighted average remaining contractual life (in years) | 0 years 10 months 24 days | |||||
RSU and performance awards oustanding aggregate intrinsic value | $25.10 | [1] | ||||
Number of shares vested and expected to vest | 336 | |||||
Weighted Average Remaining Contractual Life Vested And Expected To Vest | 0 years 10 months 24 days | |||||
Vested and expected to vest aggregate intrinsic value | 22.9 | [1] | ||||
Restricted Stock Unit [Member] | ||||||
Performance shares & restricted stock units outstanding | ||||||
Number of shares outstanding | 11,002 | 15,044 | 13,564 | 17,948 | ||
Outstanding weighted average remaining contractual life (in years) | 1 year 4 months 21 days | 1 year 5 months 12 days | ||||
RSU and performance awards oustanding aggregate intrinsic value | 870.2 | [1] | 1,032.50 | [1] | ||
Number of shares vested and expected to vest | 9,557 | 13,177 | ||||
Weighted Average Remaining Contractual Life Vested And Expected To Vest | 1 year 3 months 30 days | 1 year 4 months 21 days | ||||
Vested and expected to vest aggregate intrinsic value | $746.70 | [1] | $899 | [1] | ||
[1] | The intrinsic value is calculated as the market value as of the end of the fiscal period. As reported by the NASDAQ Global Select Market, the market values as of FebruaryB 27, 2015 and FebruaryB 28, 2014 were $79.10 and $68.63, respectively. |
StockBased_Compensation_Detail2
Stock-Based Compensation (Details 2) (Employee Stock Purchase Plan [Member]) | 3 Months Ended | |
Feb. 27, 2015 | Feb. 28, 2014 | |
Valuation Assumptions Volatility Range [Abstract] | ||
From | 27.00% | 27.00% |
To | 30.00% | 28.00% |
Valuation Assumptions Risk Free Interest Rate Range [Abstract] | ||
From | 0.67% | 0.39% |
To | 0.12% | 0.09% |
Minimum [Member] | ||
Valuation Assumptions Expected Life (In Years) | ||
Expected life (in years) | 6 months | 6 months |
Maximum [Member] | ||
Valuation Assumptions Expected Life (In Years) | ||
Expected life (in years) | 2 years | 2 years |
StockBased_Compensation_Detail3
Stock-Based Compensation (Details 3) (Stock Options [Member]) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Feb. 27, 2015 | Nov. 28, 2014 | Feb. 28, 2014 |
Stock Options [Member] | |||
Stock Option Activity [Rollforward] | |||
Beginning outstanding balance | 3,173 | 7,359 | 5,807 |
Exercised, Shares | -701 | -4,055 | |
Cancelled, Shares | -17 | -153 | |
Increase due to acquisition, Shares | 0 | 22 | |
Ending outstanding balance | 2,455 | 3,173 | 5,807 |
StockBased_Compensation_Detail4
Stock-Based Compensation (Details 4) (USD $) | 3 Months Ended | |||||
In Millions, except Share data in Thousands, unless otherwise specified | Feb. 27, 2015 | Feb. 28, 2014 | Nov. 28, 2014 | Nov. 29, 2013 | ||
Stock options outstanding [Abstract] | ||||||
Share Price | $79.10 | $68.63 | ||||
Stock Options [Member] | ||||||
Stock options outstanding [Abstract] | ||||||
Number of shares outstanding | 2,455 | 5,807 | 3,173 | 7,359 | ||
Number of shares vested and expected to vest | 2,443 | 5,730 | ||||
Number of shares exercisable | 2,301 | 4,681 | ||||
Options outstanding weighted average exercise price (per share) | $28.87 | $29.46 | ||||
Options vested and expected to vest weighted average exercise price (per share) | $28.95 | $29.57 | ||||
Options exercisable weighted average exercise price (per share) | $29.90 | $30.64 | ||||
Options outstanding weighted average remaining contractual life (in years) | 3 years 0 months 10 days | 3 years 2 months 16 days | ||||
Options vested and expected to vest weighted average remaining contractual life (in years) | 3 years 0 months 3 days | 3 years 2 months 5 days | ||||
Options exercisable weighted average remaining contractual life (in years) | 2 years 9 months 10 days | 2 years 8 months 23 days | ||||
Options outstanding aggregate intrinsic value | $123.30 | [1] | $227.50 | [1] | ||
Options vested and expected to vest aggregate intrinsic value | 122.5 | [1] | 223.8 | [1] | ||
Options exercisable aggregate intrinsic value | $113.20 | [1] | $177.90 | [1] | ||
[1] | (*)B The intrinsic value is calculated as the difference between the market value as of the end of the fiscal period and the exercise price of the shares. As reported by the NASDAQ Global Select Market, the market values as of FebruaryB 27, 2015 and FebruaryB 28, 2014 were $79.10 and $68.63, respectively |
StockBased_Compensation_Detail5
Stock-Based Compensation (Details 5) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Feb. 27, 2015 | Feb. 28, 2014 |
Option Grants and Stock Purchase Rights [Member] | ||
Total stock-based compensation costs [Abstract] | ||
Stock-based compensation costs | $11,774 | $11,998 |
Restricted Stock and Performance Share Awards [Member] | ||
Total stock-based compensation costs [Abstract] | ||
Stock-based compensation costs | 74,137 | 70,790 |
Cost of Subscription Revenue [Member] | Option Grants and Stock Purchase Rights [Member] | ||
Total stock-based compensation costs [Abstract] | ||
Stock-based compensation costs | 441 | 461 |
Cost of Subscription Revenue [Member] | Restricted Stock and Performance Share Awards [Member] | ||
Total stock-based compensation costs [Abstract] | ||
Stock-based compensation costs | 1,529 | 1,369 |
Cost of Service and Support Revenue [Member] | Option Grants and Stock Purchase Rights [Member] | ||
Total stock-based compensation costs [Abstract] | ||
Stock-based compensation costs | 1,216 | 731 |
Cost of Service and Support Revenue [Member] | Restricted Stock and Performance Share Awards [Member] | ||
Total stock-based compensation costs [Abstract] | ||
Stock-based compensation costs | 1,857 | 1,538 |
Research and Development Expense [Member] | Option Grants and Stock Purchase Rights [Member] | ||
Total stock-based compensation costs [Abstract] | ||
Stock-based compensation costs | 4,056 | 4,257 |
Research and Development Expense [Member] | Restricted Stock and Performance Share Awards [Member] | ||
Total stock-based compensation costs [Abstract] | ||
Stock-based compensation costs | 26,705 | 26,557 |
Sales and Marketing [Member] | Option Grants and Stock Purchase Rights [Member] | ||
Total stock-based compensation costs [Abstract] | ||
Stock-based compensation costs | 4,598 | 4,763 |
Sales and Marketing [Member] | Restricted Stock and Performance Share Awards [Member] | ||
Total stock-based compensation costs [Abstract] | ||
Stock-based compensation costs | 27,285 | 25,731 |
General and Administrative [Member] | Option Grants and Stock Purchase Rights [Member] | ||
Total stock-based compensation costs [Abstract] | ||
Stock-based compensation costs | 1,463 | 1,786 |
General and Administrative [Member] | Restricted Stock and Performance Share Awards [Member] | ||
Total stock-based compensation costs [Abstract] | ||
Stock-based compensation costs | $16,761 | $15,595 |
StockBased_Compensation_Detail6
Stock-Based Compensation (Details Numeric) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Feb. 27, 2015 | Feb. 28, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share Price | $79.10 | $68.63 |
Stock Based Compensation (Numeric) [Abstract] | ||
Unrecognized compensation cost, non-vested awards | $552.30 | |
Period for recognition, unrecognized compensation cost | 2 years 0 months 0 days | |
Employee Stock Purchase Plan [Member] | ||
Stock Based Compensation (Numeric) [Abstract] | ||
Shares Purchased, ESPP | 0.7 | 1.2 |
Average purchase price of shares, ESPP | $50.31 | $27.84 |
Total Intrinsic Value Of Shares Purchased | $16 | $39 |
Performance Share Program [Member] | 2013, 2014, & 2015 Performance Share Programs - Not Achieved [Member] | ||
Stock Based Compensation (Numeric) [Abstract] | ||
Maximum percentage of target shares able to receive | 200.00% |
Restructuring_Charges_Details
Restructuring Charges (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 27, 2015 | Nov. 28, 2014 | Feb. 27, 2015 | |
employees | ||||
Summary of Restructuring Plans [Roll Forward] | ||||
Beginning accrued restructuring charges | $22,314 | |||
Costs incurred | 420 | |||
Cash Payments | -16,294 | |||
Restructuring Reserve, Translation and Other Adjustment | 635 | |||
Ending accrued restructuring charges | 7,075 | 7,075 | ||
Restructuring Charges (Numeric) [Abstract] | ||||
Accrued restructuring, current | 2,580 | 17,120 | [1] | 2,580 |
Accrued restructuring, non-current | 4,495 | 5,194 | [1] | 4,495 |
Cost of closing redundant facilities [Member] | ||||
Restructuring Charges (Numeric) [Abstract] | ||||
Percentage of Restructuring Charges Scheduled to be Paid | 41.00% | 41.00% | ||
Restructuring Plan 2014 [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Full-time Positions Eliminated Under A Restructuring Plan | 350 | |||
Restructuring Plan 2014 [Member] | Cost of closing redundant facilities [Member] | ||||
Summary of Restructuring Plans [Roll Forward] | ||||
Beginning accrued restructuring charges | 472 | |||
Costs incurred | 0 | |||
Cash Payments | -227 | |||
Restructuring Reserve, Translation and Other Adjustment | 133 | |||
Ending accrued restructuring charges | 378 | 378 | ||
Restructuring Plan 2014 [Member] | Termination benefits [Member] | ||||
Summary of Restructuring Plans [Roll Forward] | ||||
Beginning accrued restructuring charges | 14,461 | |||
Costs incurred | 420 | 19,200 | ||
Cash Payments | -15,731 | |||
Restructuring Reserve, Translation and Other Adjustment | 994 | |||
Ending accrued restructuring charges | 144 | 144 | ||
Other Restructuring Plans [Member] | Cost of closing redundant facilities [Member] | ||||
Summary of Restructuring Plans [Roll Forward] | ||||
Beginning accrued restructuring charges | 6,844 | |||
Costs incurred | 0 | |||
Cash Payments | -332 | |||
Restructuring Reserve, Translation and Other Adjustment | -438 | |||
Ending accrued restructuring charges | 6,074 | 6,074 | ||
Other Restructuring Plans [Member] | Termination benefits [Member] | ||||
Summary of Restructuring Plans [Roll Forward] | ||||
Beginning accrued restructuring charges | 537 | |||
Costs incurred | 0 | |||
Cash Payments | -4 | |||
Restructuring Reserve, Translation and Other Adjustment | -54 | |||
Ending accrued restructuring charges | $479 | $479 | ||
[1] | The Condensed Consolidated Balance Sheet as of November 28, 2014 has been derived from the audited Consolidated Financial Statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Feb. 27, 2015 | Feb. 28, 2014 |
Changes in retained earnings [Abstract] | ||
Beginning Balance | $6,924,294 | |
Net income | 84,888 | 47,046 |
Re-issuance of treasury stock | -252,379 | |
Ending Balance | $6,756,803 |
Stockholders_Equity_Details_1
Stockholders' Equity (Details 1) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 27, 2015 | Feb. 28, 2014 | |
Gross unrealized gains, available-for-sale securities [Abstract] | |||
Beginning balance, unrealized gains on available-for-sale securities | $8,237 | ||
Gross unrealized gains on available for sale securities, increase or decrease | -370 | ||
Gross unrealized gains on available for sale securities, reclassification adjustments | -967 | ||
Ending balance, unrealized gains on available-for-sale securities | 6,900 | ||
Gross unrealized losses, available-for-sale securities [Abstract] | |||
Beginning balance, unrealized losses on available-for-sale securities | -609 | ||
Gross unrealized losses on available for sale securities increase or decrease | -447 | ||
Gross unrealized losses on available for sale securities, reclassification adjustments | 40 | ||
Ending balance, unrealized losses on available-for-sale securities | -1,016 | ||
Net unrealized gains on available-for-sale securities [Abstract] | |||
Beginning Balance, net unrealized gains on available-for-sale securities | 7,628 | ||
Net unrealized gains on available for sale securities, increase or decrease | -817 | 1,510 | |
Net unrealized gains on available for sale securities, reclassification adjustments | -927 | [1] | -637 |
Ending Balance, net unrealized gains on available-for-sale securities | 5,884 | ||
Net unrealized gains on derivatives designated as hedging instuments [Abstract] | |||
Beginning balance, net unrealized gains on derivative instruments designated as hedging instruments | 28,655 | ||
Net unrealized gains on derivative instruments designated as hedging instruments, increase or decrease | 12,296 | -29 | |
Net unrealized gains on derivative instruments designated as hedging instruments, reclassification adjustments | -23,712 | [2] | -2,798 |
Ending balance, net unrealized gains on derivative instruments designated as hedging instruments | 17,239 | ||
Cumulative foreign currency translation adjustments [Abstract] | |||
Beginning balance, cumulative foreign currency translation adjustments | -44,377 | ||
Cumulative foreign currency translation adjustment, increase or decrease | -82,556 | 12,443 | |
Cumulative foreign currency translation adjustment, reclassification adjustments | 0 | ||
Ending balance, cumulative foreign currency translation adjustments | -126,933 | ||
Accumulated other comprehensive income totals [Abstract] | |||
Beginning balance, total accumulated other comprehensive income, net of taxes | -8,094 | [3] | |
Accumulated other comprehensive income, increase or decrease | -71,077 | ||
Accumulated other comprehensive income, reclassification adjustments | -24,639 | ||
Ending balance, total accumulated other comprehensive income, net of taxes | ($103,810) | ||
[1] | Reclassification adjustments for gains / losses on available-for-sale securities are classified in interest and other income (expense), net. | ||
[2] | Reclassification adjustments for loss on the interest rate lock agreement and gains / losses on other derivative instruments are classified in interest and other income (expense), net and revenue, respectively. | ||
[3] | The Condensed Consolidated Balance Sheet as of November 28, 2014 has been derived from the audited Consolidated Financial Statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. |
Stockholders_Equity_Details_2
Stockholders' Equity (Details 2) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Feb. 27, 2015 | Feb. 28, 2014 | ||
Tax, Available-for-sale Securities | ||||
Unrealized gains / losses | ($107) | ($20) | ||
Reclassification adjustments | 0 | -1 | ||
Subtotal available-for-sale securities | -107 | -21 | ||
Tax, Derivatives Designated as Hedging Instruments | ||||
Unrealized gains / losses on derivative instruments | 6,147 | [1] | 0 | [1] |
Reclassification adjustments | -53 | [1] | 0 | [1] |
Subtotal derivatives designated as hedging instruments | 6,094 | 0 | ||
Foreign currency translation adjustments | -2,095 | 1 | ||
Total taxes, other comprehensive income (loss) | $3,892 | ($20) | ||
[1] | Taxes related to derivative instruments other than the interest rate lock agreement were zero based on the tax jurisdiction where these derivative instruments were executed. |
Stockholders_Equity_Details_Nu
Stockholders' Equity (Details Numeric) (USD $) | 3 Months Ended | 1 Months Ended | ||
Share data in Millions, except Per Share data, unless otherwise specified | Feb. 27, 2015 | Feb. 28, 2014 | Mar. 25, 2015 | Jun. 01, 2012 |
Stock Repurchase Program, Authorized Amount | $2,000,000,000 | $2,000,000,000 | ||
Structured Stock Repurchase Prepayments | 200,000,000 | 200,000,000 | ||
Repurchased Shares | 2.4 | 4.5 | ||
Repurchased Shares, Average Price | $72.39 | $58.27 | ||
Up-Front Payments Remaining | 66,700,000 | |||
Subsequent Event [Member] | ||||
Structured Repurchase Prepayments | 200,000,000 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $1,800,000,000 |
Net_Income_Per_Share_Details
Net Income Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Feb. 27, 2015 | Feb. 28, 2014 |
Earnings Per Share [Abstract] | ||
Net income | $84,888 | $47,046 |
Shares used to compute basic net income per share | 498,754,000 | 496,948,000 |
Dilutive potential common shares: | ||
Unvested restricted stock and performance share awards | 7,479,000 | 8,897,000 |
Stock options | 1,293,000 | 2,495,000 |
Shares used to compute diluted net income per share | 507,526,000 | 508,340,000 |
Basic net income per share | $0.17 | $0.09 |
Diluted net income per share | $0.17 | $0.09 |
Net Income Per Share (Numeric) [Abstract] | ||
Average Fair Market Value | $73.38 | $60.85 |
Antidilutive Options Excluded from Computation of EPS | 0 | 0 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details Numeric) (USD $) | 3 Months Ended | |||
Feb. 27, 2015 | Feb. 28, 2014 | Nov. 28, 2014 | ||
buildings | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Number of Corporate Headquarter Office Buildings | 3 | |||
Loss Contingency, Loss in Period | $10,000,000 | |||
Property Subject to or Available for Operating Lease [Line Items] | ||||
Lease Receivable Purchased | 80,439,000 | 80,439,000 | [1] | |
Almaden Tower [Member] | ||||
Property Subject to or Available for Operating Lease [Line Items] | ||||
Lease Receivable Purchased | 80,400,000 | |||
Option to Purchase Buildings | 103,600,000 | |||
Residual Value Guarantees | $89,400,000 | |||
[1] | The Condensed Consolidated Balance Sheet as of November 28, 2014 has been derived from the audited Consolidated Financial Statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. |
Debt_Details
Debt (Details) (USD $) | 3 Months Ended | 1 Months Ended | 3 Months Ended | ||||||
Feb. 27, 2015 | Mar. 01, 2013 | Feb. 28, 2010 | Mar. 02, 2012 | Nov. 28, 2014 | Jan. 21, 2015 | Jun. 13, 2014 | Dec. 17, 2014 | ||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Periodic Payment, Interest | $31,100,000 | ||||||||
Long-term Debt, Excluding Current Maturities | 1,901,554,000 | 911,086,000 | [1] | ||||||
Line of Credit Facility [Abstract] | |||||||||
Total senior unsecured revolving credit facility | 1,000,000,000 | ||||||||
Option to request additional commitments on credit facility | 500,000,000 | ||||||||
Maximum aggregate, credit facility | 1,500,000,000 | ||||||||
Line of Credit Facility, Extension Period | 1 year | ||||||||
Line of Credit Facility, Amount Outstanding | 0 | ||||||||
From [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.08% | ||||||||
To [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.20% | ||||||||
Notes 2020 and 2025 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Fair value of the Notes | 2,000,000,000 | ||||||||
Repurchase notes at price of their principal amount, plus accrued and unpaid interest | 101.00% | ||||||||
Notes 2015 and 2020 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds from isssuance of senior notes | 1,500,000,000 | ||||||||
Issuance discount | 6,600,000 | ||||||||
Issuance cost | 10,700,000 | ||||||||
Notes 2015 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior notes, issued | 600,000,000 | ||||||||
Senior notes, interest rate | 3.25% | ||||||||
Effective Interest rate | 3.45% | ||||||||
Notes 2020 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior notes, issued | 900,000,000 | ||||||||
Senior notes, interest rate | 4.75% | ||||||||
Effective Interest rate | 4.92% | ||||||||
Notes 2025 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior notes, issued | 1,000,000,000 | ||||||||
Senior notes, interest rate | 3.25% | ||||||||
Proceeds from Issuance of Debt | 989,300,000 | ||||||||
Issuance discount | 10,700,000 | ||||||||
Issuance cost | 7,900,000 | ||||||||
Effective Interest rate | 3.67% | ||||||||
Scenario i [Member] | Line of Credit [Member] | From [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.80% | ||||||||
Scenario i [Member] | Line of Credit [Member] | To [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.30% | ||||||||
Scenario ii [Member] | Line of Credit [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Percentage Added to Federal Funds Effective Rate in Determining Interest Rate | 0.50% | ||||||||
Percentage Added to LIBOR in Determining Interest Rate | 1.00% | ||||||||
Scenario ii [Member] | Line of Credit [Member] | From [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Margin Added to LIBOR in Determining Interest Rate | 0.00% | ||||||||
Scenario ii [Member] | Line of Credit [Member] | To [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Margin Added to LIBOR in Determining Interest Rate | 0.30% | ||||||||
Fair Value Hedging [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Derivative, Notional Amount | 900,000,000 | ||||||||
Derivative, Fixed Interest Rate | 4.75% | ||||||||
Cash Flow Hedging [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Derivative, Notional Amount | $600,000,000 | ||||||||
[1] | The Condensed Consolidated Balance Sheet as of November 28, 2014 has been derived from the audited Consolidated Financial Statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. |
NonOperating_Income_Expense_De
Non-Operating Income (Expense) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Feb. 27, 2015 | Feb. 28, 2014 |
Interest and other income (expense), net: | ||
Interest income | $6,288 | $5,134 |
Foreign exchange gains (losses) | -4,247 | -2,803 |
Realized gains on fixed income investment | 967 | 670 |
Realized losses on fixed income investment | -40 | -33 |
Other | 370 | 177 |
Interest and other income (expense), net | 3,338 | 3,145 |
Interest expense | -14,545 | -16,590 |
Investment gains (losses), net: | ||
Realized investment gains | 1,695 | 550 |
Unrealized investment gains | 0 | 95 |
Realized investment losses | 0 | -1,054 |
Unrealized investment losses | -265 | 0 |
Investment gains (losses), net | 1,430 | -409 |
Nonoperating Income (Expense) | ($9,777) | ($13,854) |
Segments_Details
Segments (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Feb. 27, 2015 | Feb. 28, 2014 |
Segment Reporting [Abstract] | ||
Revenue | $1,109,181 | $1,000,120 |
Cost of revenue | 166,798 | 148,509 |
Gross profit | 942,383 | 851,611 |
Gross profit as a percentage of revenue | 85.00% | 85.00% |
Digital Media [Member] | ||
Segment Reporting [Abstract] | ||
Revenue | 702,773 | 641,103 |
Cost of revenue | 44,345 | 38,087 |
Gross profit | 658,428 | 603,016 |
Gross profit as a percentage of revenue | 94.00% | 94.00% |
Digital Marketing [Member] | ||
Segment Reporting [Abstract] | ||
Revenue | 357,167 | 314,431 |
Cost of revenue | 120,375 | 108,017 |
Gross profit | 236,792 | 206,414 |
Gross profit as a percentage of revenue | 66.00% | 66.00% |
Print And Publishing [Member] | ||
Segment Reporting [Abstract] | ||
Revenue | 49,241 | 44,586 |
Cost of revenue | 2,078 | 2,405 |
Gross profit | $47,163 | $42,181 |
Gross profit as a percentage of revenue | 96.00% | 95.00% |